Giles Murphy considers how the Legal Services Act will drive up competition & efficiency
News of M&A activity between law firms and businesses from outside the profession has come thick and fast in recent weeks and the unforgiving economic climate is likely to fuel this activity.
Commentators have been saying for a long time that the Legal Services Act 2007 will accelerate consolidation among professional firms in the High Street, but few, if any, had predicted significant interest in alternative business structures from firms among the top 100. While recent events seem to confirm there is interest from the larger firms, a survey by Smith & Williamson of law firms found that 34% of the top 100 practices are interested in joining with a non-legal practice in the next two years.*
While we are unlikely to see magic circle firms tie up with their equivalents from the surveying or accounting