A comprehensive survey among law firm partners focused on WCC has yielded significant insights into the industry trends. 1) Surging Demand for WCC Services: A robust 84% of respondents report an uptick in demand for WCC services, with an estimated average market increase of 80%. Notably, a majority (61%) anticipate that this increase is not a short-term spike but a sustained growth that could extend over the next four to five years. 2) Doubling of Practice Income: The financial impact of heightened demand is tangible, as nearly half (45%) of those surveyed have witnessed their WCC practice income double or more. Overall, the market has seen an average income growth of 80% in the last year alone, pointing to a lucrative phase for the sector. 3) Diversification of WCC Services: In recent years, the range of services offered within the WCC practice has broadened significantly. Services that have seen increased prevalence include anti-corruption, economic crimes, sanction controls and advice, business crime defence, corporate security, politically motivated cases, and military crimes. Economic crime services are reportedly the most profitable ones, while corporate security services rank the lowest in revenue generation. 4) Modest Increase in Legal Workforce: Despite rising demand and income, the expansion of the legal workforce within WCC practices has been moderate, with an average increase of 24% across the market. Filling vacancies remains a challenge, with a majority finding it difficult (55%) or extremely difficult (6%) to recruit lawyers with such expertise. Vacancies typically remain open for one to two months, with only 10% being filled within one to two weeks. 5) Lack of Systematic Approach to WCC Lawyer Remuneration: The survey reveals a lack of consensus on the appropriate remuneration level for WCC practitioners on Ukrainian legal market. While there is no unified approach for bonuses in the sector, most agree on their necessity — only a minority (14%) do not offer such benefits. However, nearly a third (30%) admit that while additional payments are made, they lack a systematic approach. These findings underscore a period of dynamic change and profitability in the WCC practice arena, reflecting both opportunities and challenges within the legal sector in Ukraine nowadays. About the survey The survey took place over a period stretching from September 25 to October 10, 2023, garnering participation from a total of 316 respondents. The participants portrait is as follows: Affiliation: 56% are part of law firms and boutiques, while 44% are solo practitioners. Firm size by headcount: small practices with up to 10 attorneys account for 49%, mid-sized practices with 11–20 attorneys make up 25%, and larger practices with 21+ attorneys represent 26%. Market tenure: 7% have been in the market for up to 3 years, 35% for 4-7 years, and 58% for over 8 years. Gender composition: 75% male and 25% female.
21 November 2023, 12:44