An ‘angel investor’ network is being constructed that promises to match ex-City partners with lawtech start-ups, to help them gain a foothold in large law firms with advice, contacts, and seed capital. The favoured model would see two investors each invest £50,000 in exchange for around 10% of the equity
Commercial law firms have a limited “window of opportunity” to adopt new delivery models which is unlikely to “remain open forever”, a report has warned. Jomati Consultants also revealed that four City firms are on course to receive almost £8m in government grants as a result of opening low cost centres.
City law firms like Clifford Chance and Allen & Overy are leading the way in their approach to social mobility and recruitment when compared to non-legal professionals, a report has argued.
Twelve large City law firms have registered their interest with a novel recruitment business that places senior lawyers with followings as consultants at law firms, allowing them to run their own practices and keep most of their billings, while drawing on the support and reputation of the firm.
City firms’ concerns over the international rejection of alternative business structures can be overcome quite easily, a Legal Services Board study has concluded – but they are not interested in ABSs anyway, confirming the findings of a host of other surveys and reports.
The appointment of Nick Eastwell as the Solicitors Regulation Authority’s (SRA) first City law firm adviser is “the missing link” in its approach to the City, according to SRA board chairman Charles Plant (see story) – part of the SRA’s story of evolution, I guess. This is all well and good, I suppose, but is the SRA suffering from a huge shortage of advice on how to negotiate the issues around the City? Just look at how many City solicitors are on its board.