With an average revenue growth of 5% in 2016, the business climate for small to medium size (SME) firms with income under £123m in the UK has been generally positive, according to the latest NatWest Legal Benchmarking report out today (30 March).
The report, which surveyed 269 firms, states that firms should look to reduce their lock-up, which, at an average of 113 days is now longer than at any time in the last five years and four days longer than last year. The research suggests that without a constant flow of new matter starts and paid fees, firms would on average run out of cash within 40 days.
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