UK firms expect more firm mergers in 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.comments powered by Disqus