A survey of solicitors' firms has shown that property is still the main area of expertise for most of them - despite the downturn.
The survey, carried out by the Dublin Solicitors Bar Association, shows that more than 80% of the firms who responded said property conveyancing was their main area of expertise, even though it is the area of business worst affected by the recession.
The survey shows that almost 40% of firms have implemented redundancies and smaller firms, in particular, are pessimistic about their future.
176 managing partners of solicitors' firms responded to this survey. The majority had ten solicitors or fewer working in them.
The firms said the main issue affecting them as a result of the downturn was the increased cost of insurance followed by reduced turnover and reduced profits.
To deal with the downturn, almost two-thirds of managing partners said they had reduced their own salaries. Bonuses were reduced or eliminated in more than 40% of firms, and 38% of firms had made staff redundant. Only six of those who responded had closed.
Residential conveyancing and wills were the top two areas of expertise among the firms. But, unsurprisingly, conveyancing is also the area worst affected by the recession.
Small firms, where there may be only one or two solicitors, are particularly worried about the future, according to this survey, with almost half saying they were pessimistic about the sustainability of their business over the next year.
