A survey carried out by the recruitment consultancy BCL Legal asked law firms from all regions in the UK what level of growth they anticipated in 2015: 43% of respondents said they predicted increases of between 10% - 20%, while 40% thought growth would be less than 10%.
Only 5% said they expected to see a rise in turnover of between 20% - 30% and 10% expected no rise at all.
In addition, 15% thought that increased levels of work would come from existing overseas clients, 12% cited digital marketing and social media campaigns, and just 8% said M&A work would drive growth.
There appears to be a modest rise in confidence notwithstanding the on-going challenges.
New research covering a range of firms from all regions and including the magic circle has revealed that 55 per cent of respondents believe that improving profitability is the biggest commercial challenge they face this year.The survey also asked how much law firms are expecting their turnovers to increase by in 2015. Respondents said this was also a major challenge with 39 per cent placing it top of their list of challenges.