City law firms upbeat about next 12 months

THREE out of four law firms based in London are upbeat about the next 12 months while regional counterparts continue to remain cautious.

Annual figures assembled by accountancy firm Smith & Williamson show that three quarters of the firms polled with a head office in London are “reasonably confident” about the next year.

Sixty-eight per cent of firms located in the South East felt confident about the coming 12 months, while just under half of the firms polled in the rest of the UK remained upbeat.

Overall, however, sector wide confidence has returned to 2006 and 2007 levels with 63 per cent of the UK’s top 100 firms are not worried about the next year.

“As the financial services industry centred around London rebounds from the recession, it appears that those law firms based in the capital are the most positive about the future, whereas, regional firms are more concerned about the wider economy,” said Giles Murphy, head of professional practices group at Smith & Williamson.

This is the 16th year that the accountancy and professional services firm has conducted the legal confidence survey.