The outlook for firms’ financials was bleak in the first half of 2020. Law firms took steps to fortify their positions, utilising the UK government’s furlough scheme, deferring partner profit distributions, and drawing down debt facilities. A year later, the worst case scenario didn’t materialise. In this report, we take a look at the firms that come out of 2020 in a stronger position, the strategies employed, and those that may be in trouble.
