Law firms target energy sector for fees payoff
UK's top 100 firms adopts sector based business strategy but chambers lag behind
Law firms are targeting the energy sector over any other part of the UK economy, research has revealed.
An analysis of the sector groups at the UK's top 100 firms indicates that all leading firms now adopts a sector-based approach, rather than structuring their businesses simply by work type.
Barristers' chambers, by comparison, lag behind with just 18 per cent of sets adopting the same approach.
On average, law firms have 11 dedicated sector groups, with energy the most common. Other sectors most commonly targeted are financial services, technology, media, and telecommunications (TMT), and retail.
Commenting on the findings, Bob Bion, a spokesperson for Mootis, the social networking platform that carried out the research, said: 'It is clear that UK law firms are embedding a strong industry-sector focus - not just at the Magic Circle and national firms but right across the board.
'In doing so, they are following the example of other professions, such as management consultants, accountants and investment banks.'
Bion said that it was surprising to see firms targeting the energy sector over areas such as financial services or real estate.
'There will be a simple reason for this,' he continued. 'Fees. With the hunt for alternative sources of power balanced by environmental and economic concerns, the energy sector is clearly enjoying significant growth.'
Commenting on the Bar's relatively slow take up of a sector-based approach, Bion added: 'I would expect this to change in the near future. Where law firms go, barristers' chambers will follow.'