Legal technology sponsored briefing: The anatomy of a digital-age legal service business

Legal technology sponsored briefing: The anatomy of a digital-age legal service business

 

Chris Bull of The Intuity Alliance/Kingsmead Square considers the structure, funding and skills needed for a legal service business in the digital age

Note I am talking about ‘legal service business’, not ‘law firm’. ‘Law firm’ suggests a partnership – too outdated and narrow a term in an era when very few new partnerships are being created, and more existing firms are converting to corporate structures. Continue reading “Legal technology sponsored briefing: The anatomy of a digital-age legal service business”

ABS Fairpoint Group legal revenues hit £30m as firm hunts further acquisitions

ABS Fairpoint Group legal revenues hit £30m as firm hunts further acquisitions

Finance company Fairpoint Group, which in recent years has pushed into the legal market with the acquisitions of Simpson Millar and Colemans, has posted annual revenue of £31.6m from its legal services division. The figure is a 165% jump on the £11.9m brought in last year.

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‘Need to secure value for money and quality’: industry groups welcome competition probe into legal market

‘Need to secure value for money and quality’: industry groups welcome competition probe into legal market

In a move welcomed by industry groups, the Competition and Markets Authority (CMA) has launched an investigation into the legal services market over concerns about the affordability and standards of legal services.

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‘Slow evolution’: Government plans further shakeup of legal regulation to encourage alternative providers

‘Slow evolution’: Government plans further shakeup of legal regulation to encourage alternative providers

The government is to kick off a new consultation in spring 2016, part of which will be on making legal services regulators independent from their representative bodies and lowering barriers to entry even further for non-legal businesses to offer legal services.

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Manchester insurance firm takes on 43-strong team from Parabis as group unravels in administration

Manchester insurance firm takes on 43-strong team from Parabis as group unravels in administration

Manchester firm Horwich Farrelly has today (24 November) announced it has taken a 43-strong personal injury team from the Parabis Group, including seven partners, just one day after it emerged Parabis is to be broken up and sold in a £50m pre-pack administration deal. Continue reading “Manchester insurance firm takes on 43-strong team from Parabis as group unravels in administration”

2025: a vision of Big Law

2025: a vision of Big Law

It is 2025 and the view from the nominal head office of the leading City law firm remains as uncertain as it has for the last 15 years. Not that there hasn’t been progress at what would once have been called a Magic Circle firm. With revenues of £2.5bn, the firm now generates only 30% of its income from the UK. That isn’t much more than it earns from its US practice, which was bolstered four years ago by a takeover of an AmLaw 200 practice, and the decision to reshape its executive and partnership to put London and New York at its heart. The notion that it needed to become a true Anglo-American institution was a culture shock but few seriously question it now.

The old lockstep is long gone – top earners in London, New York and Asia earn five times that of junior partners or those working in less profitable jurisdictions and there are two gateways to negotiate, though it’s still a long way from eat-what-you-kill. Profit per equity partner at £1.9m isn’t that much higher than a decade before but top earners take home well over £3m a year.

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