A recent survey conducted by the Legal Week news service, in conjunction with EJ Legal, has revealed that business confidence amongst the UK's lawyers is at its highest for more than a year, with some 84% predicting increases in fee income over the next 12 months. This compares to 71% in October 2002, and 77% three months ago.
Speaking to Legal Week as part of the survey of more than 100 leading lawyers, many expressed a mood of cautious optimism. However, Baker & McKenzie's London's head of corporate, Bernd Ratzke suggested that external forces such as terrorist attacks could change lawyers' views on the future:
"We feel as though we can see the beginning of an upturn but it only takes another big incident in a major money centre to reverse the progress towards certainty."
According to Legal Week, the primary focus for law firm investment has remained unchanged since the last such survey, with 31% of those questioned naming corporate finance as their main focus, and 17% revealing that banking was their priority.
Other areas benefiting from increased investment include litigation (12%), employment, (9%), PFI (9%), and intellectual property (10%).
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