Law firm partners putting in extra hours to compete with accountants

Partners in law firms are spending over six and a half weeks more in the office compared to two years ago as they compete for business with accountancy firms according to research by a legal recruiter.

In 2015/16, partners are working an average of 55.8 hours per week, up from 2013/14’s 50.2 hours, recruiter Laurence Simons said in a report. This means an extra six and a half weeks per year where a typical working week is 40 hours.

Laurence Simons said the sharp increase in the amount of time partners are spending in the office is attributable to the growing competition from major accountancy firms plus higher demand for legal services.

Clare Butler, global managing director at Laurence Simons, said: “Since liberalisation , the senior players at law firms are having to fend off competition from newly formed big four accountancy firm legal teams.

“Partners have been fighting back by nurturing current client relationships and seeking out new opportunities and will continue to do so.

“On top of this, finance departments are hawkishly looking at the balance sheet as they seek to build leaner and meaner firms leaving little room for high-earning partners who aren’t bringing in fees. With their performance under intense scrutiny, it is little wonder partners are firing on all cylinders.”

In contrast the number of hours junior lawyers are spending in the office has dropped. The figure was 46.8 in 2015/15 compared 47.4 in 2013/14. The recruiter said the was a result of increased confidence amongst junior lawyers about job prospects.

Evidence from Deloitte showed revenues at the top ten firms was up six per cent in the 12 months to October 2015.

Ms Butler added: “Redundancy no longer looms in minds and given the ongoing war for exceptional talent, A-players know they could secure a new role without too much difficulty if their current position isn’t satisfying their personal and development needs. Presenteeism is on the decline.

“The lines between the professions are becoming blurred as clients start to prefer the services and convenience of a single entity which can provide multiple services, which is why the Big Four legal departments are starting to look desirable.

“The hours put in by lawyers at all levels are significantly higher than those of accountants, especially when you scale this up to an entire year. Accountants are innovating, but lawyers aren’t going out without a fight, and we may see accountants working increasing working hours throughout 2016 to make up the gap.”