Professional Practices News: A Briefing On Topical Issues

Smith and Williamson survey shows confidence among the professions rising for the fourth consecutive year

For the fourth consecutive year, business confidence is on the up. In fact, 94% of all the firms we polled were either very or reasonably confident about the business outlook for the coming year compared to 88% last year, 83% in 2003 and 78% in 2002. There also appears to be increasing interest in acquiring teams from other practices. Meanwhile, a third of the firms we spoke to had converted to LLP status.

However, two clouds are looming on the horizon. First, the Age Discrimination Act which applies from 1 October 2006; and secondly, the issue of staff retention. Both are key areas for professional firms of all sizes.