Uncertainty may still reign in the UK, but across the pond the legal sector is feeling rather more optimistic, research has suggested.

A survey published today indicated that most law firms in the US are seeing revenues rise, partner numbers increase and an end to salary capping.

Leaders of the practices that responded to the Altman Weil Law Firms in Transition survey seemed particularly ebullient, with an average score of eight out of 10 when asked about their firm’s ability to keep pace with change.

Overall, economic performance is rebounding from the financial crisis, with two-thirds of all firms reporting increases in gross revenue in 2010, and nearly three-quarters seeing rises in revenue per lawyer and profits per equity partner.

Standard hourly rates are up by an average of 4% in 2011, with continued reductions in overhead costs and cuts to firms’ ownership numbers helping to boost profits.

But there is still concern from almost half of the 230 firms surveyed that they are not prepared to deal with major issues facing the industry – retirement plans and the length of time the ‘baby boom’ generation is prepared to work.

Altman Weil principal Tom Clay said the sector has responded well to a new environment, although the future still remains unclear.

‘If firms are finding their feet again post-recession, it is on new ground with a number of new factors in play,’ he said.

‘And although most firm leaders seem to recognise the changes, it’s not yet clear whether they will be able to manage them effectively.’

Another survey this week has found that many firms in the UK are planning to freeze trainee recruitment - despite optimism over the state of the economy.