Legal services changes embraced by major law firms

Legal services changes may be welcome at many leading legal firms, as a number of the country's largest groups are seeking to raise extra capital to meet the requirements ushered in by the legislation.

Research by accountancy specialists Smith & Williamson reveals seven of the UK's top 30 law outfits hope to raise up to £50 million in external capital, of which two report it is "likely" this will be done through flotation on the stock market.

The so-called Tesco Law has changed legal services, allowing non-legal professionals to form mixed firms with experts such as probate solicitors, a structure many believe will deliver savings and efficiency for the consumer.

Head of the professional practices team Giles Murphy commented: "This research demonstrates that a significant core of the top 100 is taking the opportunities very seriously."

A similar law has already come into effect in Australia and many companies have chosen to allow individuals to purchase shares, thereby raising funds for investment or expansion.

Published by Rose Orlik