Head of leading Scottish firm predicts unprecedented consolidation in legal services market
Shepherd and Wedderburn, Patrick Andrews, say that he is amazed by the number of approaches that he has received from senior lawyers who are looking for new jobs, or headhunters acting on their behalf.
“There’s a number of firms struggling in the market and that’s leading to partner moves,” said Mr Andrews. “There are some who are over-stretched in their borrowings, some who are not managing their cash.”
Mr Andrews predicts that “There is going to be consolidation on a scale that we have not seen. There is going to be a real drive towards the commoditisation of some services. There will be increased competition.” He said firms that rely on volume services like conveyancing may face intense competition from new entrants to the market, following the passing of the Legal Services (Scotland) Bill, dubbed “Tesco Law”.
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