Synopsis: We also look at the state of the Midlands legal market overall. What are the main driving forces? How is the sector evolving? What have been the main developments over the past year and what is set to come?
Nick Bridle, Managing Director of BHW Commercial Solicitors, a 20-strong commercial law practice based at Grove Park in Leicestershire said the introduction of Alternative Business Structures is both a challenge and an opportunity for law firms.
Nick said: “The Midlands legal market will need to evolve in response to the new structures and the new access to capital. The market consolidators are coming, and will use economies of scale to commoditise legal services and in many cases bundle them with other related products.
“It is a striking fact that City of London law firms constitute 55% of the total legal services market for England and Wales. But the upheavals caused by the arrival of the consolidators will introduce such disruption and stimulation the City may lose market share.
“That will give non-City firms – including those in the Midlands – a window in which to strike with a more cost-efficient offer to corporate clients who are looking for a better deal.
“The expected wave of marketing from Tesco-style entrants and consolidators will inevitably include a focus on cost and value.
“Taking into account the market drivers referred to and new levels of client appetite for value and service, the opportunity is there for commercially minded, client-focused corporate firms in the Midlands.”
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