Technological investment rather than mergers are now the preferred growth strategy among leading law firms, research shows. The financial, reputational and cultural risks associated with failed mergers is putting the top 200 UK law firms off this traditional route to expansion.
Instead, they are investing in new technology and team moves, according to a new report commissioned by Fox Williams and Byfield Consultancy, “From Recruitment to Robots: growth strategies for law firms”. Just over one quarter of respondents were looking to merge in the next two years, compared to 96% of respondents in a 2015 report. Tina Williams, chair at Fox Williams, said the research confirmed that law firms were looking beyond mergers to realise their ambitions.
