{"id":15296,"date":"2017-11-13T05:14:29","date_gmt":"2017-11-13T05:14:29","guid":{"rendered":"http:\/\/www.bnreport.com\/the-uks-top-law-firms-are-relying-on-fx-movements-to-boost-growth-figures\/"},"modified":"2017-11-13T05:14:29","modified_gmt":"2017-11-13T05:14:29","slug":"the-uks-top-law-firms-are-relying-on-fx-movements-to-boost-growth-figures","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/the-uks-top-law-firms-are-relying-on-fx-movements-to-boost-growth-figures\/","title":{"rendered":"The UK&#8217;s top law firms are relying on FX movements to boost growth figures"},"content":{"rendered":"<p>The UK\u2019s largest global law firms have generated significant amounts of growth in 2017 not through innovation or new business, but through foreign exchange movements, according to a PwC survey.<\/p>\n<p>Currency movements resulting from a weaker sterling caused a 4.9 per cent growth in fee income for the UK\u2019s global top 10 firms, PwC\u2019s 2017 law firms survey showed, compared to an 8.1 per cent growth in fee income overall.<\/p>\n<p><strong>Read more: <\/strong><a href=\"http:\/\/www.cityam.com\/268174\/-top-law-firms-feel-heat-clients-delaying-payment-average\" rel=\"noreferrer\" target=\"_blank\">Top law firms feel the heat as clients are delaying payment by an average of 130 days<\/a><\/p>\n<p>Similarly, fluctuating foreign exchange rates caused a 4.4 per cent growth in profit, compared to a 9.8 per cent growth in profit overall.<\/p>\n<p>This meant currency movements alone increased law firms\u2019 revenues by \u00a343.7m and profit by \u00a316.2m.<\/p>\n<p>But PwC has warned that relying on foreign exchange fluctuations will not be enough to ensure survival in an increasingly competitive market, and that \u201cglobal law firms will need to make fundamental changes if they are to thrive in the future\u201d.<\/p>\n<p>\u201cHaving taken this one-off income and profit boost, it will be interesting to see the real commercial impact of Brexit on law firms start to play out in the current financial year,\u201d said Kate Wolstenholme, PwC\u2019s business services leader.<\/p>\n<p><strong>Read more: <\/strong><a href=\"http:\/\/www.cityam.com\/273898\/uks-law-firms-seeing-revenues-plateau-they-struggle-keep-up\" rel=\"noreferrer\" target=\"_blank\">The UK&#039;s law firms are seeing revenues plateau as they struggle to keep up with client expectations<\/a><\/p>\n<p>\u201cUndoubtedly some firms will enjoy a rise in revenue from providing regulatory advice to clients \u2013 but economic uncertainty means workflow is unpredictable, and there is also a cost of scenario planning to ensure firms remain fit for purpose for a post-Brexit environment.\u201d<\/p>\n<p>PwC\u2019s survey also revealed that the international offices of UK global top 10 firms delivered around twice as much profit growth as in the UK, and that US top-tier firms are outperforming their UK peers across all key performance indicators.<\/p>\n<p><strong>Read more: <\/strong><a href=\"http:\/\/www.cityam.com\/273985\/law-firm-berwin-leighton-paisner-talks-merge-uss-bryan-cave\" rel=\"noreferrer\" target=\"_blank\">Law firm Berwin Leighton Paisner in talks to merge with US&#039;s Bryan Cave<\/a><\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\">Let&#039;s block ads!<\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\">(Why?)<\/a><\/p>\n<p><a href=\"http:\/\/www.cityam.com\/275584\/uks-top-law-firms-relying-foreign-exchange-movements-boost\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK\u2019s largest global law firms have generated significant..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-15296","post","type-post","status-publish","format-standard","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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