Practice Management

The biggest City law firms are paying their trainees less than their US competitors but working them harder, according to new research showing how pay continues to spiral.

Both the structure and delivery of legal services – such as a lack of guidance and reactive communication – can cause difficulties for consumers, new research has found.

Listed law firm Gateley has estimated that “pre-budget transactional inertia” shrunk its revenue by around £3m, wiping out growth in its corporate department.

Midlands law firm Wright Hassall held talks with 28 possible acquirers or merger partners over the course of a year before being sold in a pre-pack administration to one of them.

The managing partner of a fast-growing, employee-owned Yorkshire law firm says it is ready to expand outside the county after opening a 24th office.

The future of investment in the law will be more patient, minority investors who would appeal to the top 50 law firms, which to date have shown little interest in private equity.

While it is not surprising that private equity is interested in investing in law firms, the real question is why law firms are giving away stakes in their businesses, a leading consultant has argued.

Senior associates are the unhappiest cohort of fee-earners at UK law firms and represent the biggest “flight risk”, according to research.

The UK law firm group owned by a global network of professional service firms is set to return to the acquisition trail in the coming months after a “bumpy” couple of years.

Growing its new legal arm is a big priority for AIM-listed professional services business DSW Capital, with doubling the number of fee-earners the immediate goal..