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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.

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.