Three-quarters of law firms in the UK would consider selling a percentage of their business to an external buyer, according to a survey of partners at 200 firms with turnovers ranging from £5m to £500m, carried out by litigation funder Harbour.
Every partner at a firm with turnover up to £10m would consider it, compared to only 48% where turnover was £100m-£400m, and 22% where turnover was £400m-£500m. Reasons against doing so included loss of control and future partner compensation.
Harbour managing director Ellora MacPherson said the results showed the legal sector ‘is well and truly open for investment’.
