In recent months several law firm mergers have taken place, with increased costs and mounting regulatory pressure cited as major reasons behind them.
Does this signal the end for the traditional high street law practice? While it’s true that smaller firms are encountering more regulation and increased costs, Lightfoots strongly believe that there is a bright future for the high street practice.
Joe Middleton, a Partner here at Lightfoots, offered his views to Bridging & Commercial Distributor online magazine:
There is certainly an industry shift particularly in the larger cities outside London towards the creation of superpowers that can pool their resources, but with that comes high-profile status and a certain expectancy where expertise is concerned that isn’t necessarily deliverable just because it comes from a larger firm.
Clients and/or employees that embraced the personal service and relationships synonymous with a smaller practice are not certain to appreciate the new corporate structure thrust upon them and there is clear evidence that following mergers, there is often an appreciable exit of both staff and/or clients looking to remain within an environment that isn’t so focused on corporate image and practicing solicitor or partner numbers.
The defection of these people can often be to the gain of the small- or medium-sized practices looking to focus on traditional core values.
With proper management and focus on innovative strategies, such as employing dedicated inhouse Compliance and Regulatory experts, Lightfoots is confident these increasing pressures will not affect our high levels of client care and satisfaction.