Some interesting observations here from Alex and am glad to see something to counter the superficial headlines elsewhere that "the sector is in great shape".
There are some bright spots - typically where firms really can differentiate from the completion - but the dark clouds remain for those with limited strategic plans.
after posting on the face of it impressive numbers for 2016/17 in the shadow of Brexit and two major electoral upsets, there is talk of the resilience of the industry. The Legal Business 100 (LB100) has, after all, grown from £12.25bn to £22.06bn over the last decade and this year the group at long last surpassed its record PEP of £703,000 set way back in 2008. And yet scratch the surface and there is much cause for unease. A good chunk of the long-term growth of the UK’s largest firms is due to consolidation, while the 2016/17 results have been hugely flattered by currency movements. Taken as one year, the numbers are respectable, but the long-term view is ominous, particularly for the City’s traditional leaders