Legal Benchmarking Report 2022: How does your firm compare?

Our 9th Benchmarking Report considers data from 2021 as well as survey responses from across country.

88%

are planning to increase staff numbers in 2022.

43%

of firms plan to change how they use IT.

Fee income ↓ 

Total fee income decreased in all but the 5-10 partner group.

Net profit ↑

Net profit % increased in the majority of firms.

Executive summary

The data featured in this report includes part of a year when the country was still working in lockdown during the original outbreak of the COVID-19 pandemic. In some firms it will therefore represent how well the business dealt with the transfer to working from home, how soon offices reopened, what changes were forced upon those legal practices and what strategic decisions were made.

Across the legal sector there is optimism for 2022; there is new work flowing in across all disciplines and a growing demand for legal services. Efficiencies have been taken from the COVID-19 pandemic and these will continue to be incorporated into future working practices.

However, a critical issue is staffing the demand for work. Higher salaries, inflationary pressures and competition for staff will get harder in 2022. Firms will need to do more to retain their staff and look at ways to compete in the recruitment market in order to grow.

Key findings

Please click below for more insight and analysis on key sections of the Benchmarking Report:

Income

How did income change for legal firms in 2021? And what is planned for 2022?

Profit

We have analysed profit levels of legal firms and discussed what to expect in 2022.

Employment Costs

How have employment costs changed and what do we expect to see in 2022?

Practice Expenses

Find out more about how practice expenses have changed in the past twelve months.

Finance and Funding

How did firms raise finance over the past year? Our finance and funding section investigates.

2022 Plans for Growth

We have looked at the key trends for legal firms as they look to grow in 2022.

Karen Hain circle

Karen Hain

Professional Practices Partner

Got a question about our Legal Benchmarking report? 

If you are looking for further information regarding our 2022 Legal Benchmarking report, we will be happy to help. 

Karen Hain, our Professional Practices Partner, heads up the MHA sector team and works with legal firms on a daily basis. 

To get in touch, please complete the form below: