North West firm Asons Solicitors is placed 104th largest among the UK’s 10,726 law firms according to the latest solicitors’ industry report published by Plimsoll.

The report, which illustrates ‘striking’ market conditions, shows that the number of firms in danger has increased to 21 percent. Fourteen percent are now carrying more debt and the average profit margin for the industry sits at just 2 percent.

Asons CEO Imran Akram said, “The report makes for interesting reading, we’re obviously proud to be rubbing shoulders with some of the biggest in the business – but I feel others in the industry have much to learn. We’re debt free and we work with expert teams and highly advanced technologies to gain the greatest margins possible. I think there’s a lot that we can teach each other.”

The same report does offer a glimmer of hope as 46 percent of law firms were judged to be ‘strong… beacons of success’, 42 percent were able to improve their profit margins and 11 percent managed to grow by more than a 10 percent.

Kamran Akram, Principal at Asons Solicitors, recently spoke on the current state of the law industry at the PI Legal Futures conference in September. He stated: “We’ve grown 39.7 percent year on year since we entered the legal industry.

"We’ve managed to achieve this by building scalable teams and processes that make expansion painless. The leaders in the law industry need to be thinking, not necessarily as lawyers now, but as business people if they’re to overcome the challenges we face.”

Asons Solicitors will soon be breaking ground on their new HQ building project, heralding their expansion from 300 to 600 employees by the end of 2016.