Four in ten managing partners at leading law firms see alternative providers such as the Big Four accountants and insurers as the biggest threat to the legal profession, according to a survey published today. It also found firms more likely to see growth coming from investment in technology and hiring teams, rather than mergers.
Debt recovery law firms Drydens Lawyers and Fairfax Solicitors, both created by spin outs from national firms, are to merge creating the UK’s largest debt recovery and debt litigation legal practice. It will have a workforce of around 300 and turnover of approximately £15m.
Separate surveys from Sweet & Maxwell and accountants BDO indicate that confidence is returning to the big law firms, with renewed interest in mergers and lateral hires, while also scaling back further plans for redundancies. But cross-selling and tighter credit control are also on the agenda.