Lawyers are predicting fees to increase in the coming months, it has been revealed.

A survey conducted by Legal Week found that 98 per cent of lawyers predicted fees to increase by more than five per cent in the next 12 months.

And almost three in ten (29 per cent) expected fees to grow in excess of 15 per cent over the coming year.

Martin Taylor, mergers and acquisitions partner for international law firm Freshfields Bruckhaus Deringer, said: "The calendar year started relatively slowly but things have picked up quite a lot over the last few months."

Assistant Director Marc Riches, of solicitors' Professional Indemnity insurance broker PYV Legal, commented: "Whilst we generally agree with the findings of the Legal Week survey, Practices need to remain aware that any meaningful increase in the amount of fee income received over the course of the year will be taken into account by Professional Indemnity Insurers when rating a practice to determine what premium they will pay for their cover - in short, more income could mean higher premiums."