Practice Management

Four in five SME law firms have committed specific funds to AI-based solutions, according to new research that showed them focusing more on increasing profitability than turnover.

AIM-listed firm Keystone Law announced a special dividend for shareholders yesterday after announcing a 23% increase in revenue and 31% jump in profit before tax.

A Newcastle-based managed legal services business with its roots in Carillion and Clifford Chance’s operations in the city has attracted new investment.

Two of Lawfront’s group firms – Fisher Jones Greenwood and Farleys – have announced bolt-on acquisitions, taking the number of such deals since 2021 to 10.

Intellectual property firms based on a partnership model “will struggle to invest what is needed for the long-term future”, the chief executive of global IP firm Rouse has predicted.

Private equity-backed Orwins has continued its rapid expansion by adding two firms to the group. We also report on a major insurance law merger and other freshly minted deals.

The proportion of lawyers concerned about errors and hallucinations generated by AI has risen to 83%, while one in 10 are dependent on it.

Listed law firm Knights has agreed a deal for the commercial and private wealth practices of South-East law firm Moore Barlow, with private equity-backed Fletchers picking up the rest.

Lawfront, the private equity-backed group leading the ‘buy and build’ movement in the legal market, has completed a refinancing round that has nearly doubled its funding.

Listed law firm Knights has made its 29th acquisition since going public eight years ago, spending £4m on Thames Valley practice THP Solicitors.