There is strong interest among the UK’s largest law firms in joining forces with a non-legal practice in the next two years, while several are also looking at external capital, according to new research.
Leading north-west firm Stephensons is seeking external investment as part of its plans to expand beyond the region after receiving its alternative business structure licence from the Solicitors Regulation Authority. Other new licencees include a firm looking at MDPs and one mulling trade union tie-ups.
Irwin Mitchell has today become the largest law firm to become an alternative business structure and also received the first ‘multiple’ licences. In April 2011 the firm became the first to state its intention to seek external capital.