hase-of-russell-jones-walker” target=”_blank”>recent deal with Slater & Gordon – said that for all the focus on law firms going public, “it is the opportunities to join with firms from other professions which are catching the imagination”.
He explained: “Commentators have been saying for a long time that the Legal Services Act will accelerate consolidation among professional firms in the high street, but few, if any, had predicted such widespread interest among the larger firms. While we are unlikely to see magic circle firms tie up with their equivalents from the surveying or accounting fields, we could see a number of ‘silver circle’ mergers across the professions.”
Mr Murphy predicted that such developments “would transform, not just the legal landscape, but the provision of professional services across the UK”, suggesting that the economic climate may be fuelling thoughts of MDPs.
“The opportunity to merge with other professionals is likely to be of interest to high street firms, some regional practices and even the Big 4 accountants. Indeed, PwC has announced that it is looking at formally tying up with their legal practice PwC Legal.
“As a result, within a few years from now, multi-disciplinary practices could become common, not just on the high street, but also in the City.”
By Legal Futures