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Flailing firms: How mid-market law firms can return from the brink of failure

Many mid-market law firms in the UK are failing to make critical changes that could prevent business failure, warn Viv Williams and Samantha Palmer

29 October 2015

Running any business is difficult,
let alone in the challenging climate affecting most areas of the UK legal profession. Increased competition, market consolidation and regulatory changes are making it harder for many law firms to stay ahead of the game and run financially-viable businesses. Compounding the problem is the fact that many law firm partners were never trained to manage and market
a business.

The legal profession continues to produce more qualified solicitors each year and the number of firms has remained largely the same. Interestingly, the dynamics of the market has changed, with national and regional players getting larger. Many practices desperately need a strategy to either merge, consolidate or close.

But, how many practices are actually mergeable? Increased work levels, such as from conveyancing and an influx of partner capital loans, have merely p...

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