News
Merger and acquisition are top management priorities for midsized law firms in the wake of the Legal Services Act 2007, research shows. The members’ survey commissioned by LawNet, the network of mid-sized legal firms, revealed that 30% of all respondents— which included partners, fee earners, and other support professionals—were looking to merge in the next three years. A LawNet spokeswoman says an analysis of responses shows that this figure rose even higher when partners were questioned about their strategy, with 43% of partners saying that their firm had merger plans. “This is unsurprising given that partners are likely to be more aware of strategic development plans than feeearners,” she says.
Nearly half of respondents (46.8%) said that business and business plan development, marketing and commercial initiatives are top short-term priorities, with a fifth citing increasing client satisfaction and relationships as another important aim. Upping profitability was also a main priority in the near future for 20% of respondents.
The recent bleak economic forecasts are clearly not depressing firms too much with expansion into new offices and locations a principal priority in the long-term for some 15% of respondents.
