The UK legal market continues to undergo a profound change that began with the recession and is now continuing as the impact of new entrants begins to be felt. Bill Gates observed in relation to technology that “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.” He could have been speaking about the UK legal market.
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Mergers should accelerate the delivery of an organisation's strategic goals. They can bring greater economies of scale, better geographic coverage and greater dominance of a market segment. But they are not without risk and the effort required to put firms together can undermine client value rather than enhance it.
Read MoreWill Partners Become Entrepreneurs?
Are the law firms of tomorrow going to be owned by a smaller group of entrepreneurial lawyers prepared to risk more capital for the rewards that were taken for granted a few years ago?
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