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’.

UK firms expect more firm mergers in 2011 lawgazette.co.uk Fri, Jan 7, 2011