Law Society research
Law firms’ earnings are on the rise but they’re waiting longer to get paid, new research produced by the Law Society has found.
The Law Society’s 2025 Financial Benchmarking Survey reports a 6.1% increase in firm earnings for 2024, slightly below the 6.8% growth seen in 2023. Meanwhile, the average time for firms to receive payment has risen to 146 days, up from 143.
The report collected data from 145 firms and highlights costs per lawyer increased by almost £4,000 to more than £67,000. This comes as the number of legal professionals has increased by 3.4%.
Law Society president Richard Atkinson said: “Despite rising costs and a slowing growth rate, law firms are still performing well. The legal sector remains healthy, continues to be a powerhouse of the UK economy and a significant employer. Solicitors and law firms are committed to helping to build a robust economy that competes internationally while contributing to the country’s prosperity and supporting local communities.”
Overall, the legal sector contributes £74.4 billion to the economy. This financial snapshot follows a report from late last year showing the legal sector experienced 50% growth in a decade.
