UK firms expect more firm mergers in 2011

January 7, 2011 UK managing partners expect further consolidation in the legal market in the coming year, according to a survey conducted for professional network firm Winmark.

The benchmarking survey collected data from 95 UK-based managing partners, chief operating officers and chief finance officers in law firms, 81% of whom predict further consolidation of the legal market. Half of firms with a turnover of less than £50m said they had been involved in merger discussions in the past year, while 41% of all firms expected to be involved in merger discussions in 2011.

In the foreword to the report, Tony Williams of Jomati Consultants said: ‘Consolidation, innovation and technology, and growing international capability are key changes managing partners expect to make – but all require significant investment.’ He added that this was needed against a backdrop of managing partners’ expectations for the economy that implied ‘no early return to the bull market highs’.

Read more at www.lawgazette.co.uk.

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