In today’s FT Michael Peel reports on the very recent Smith & Williamson survey,
The legal industry is heading for a big shake-up as firms merge in an attempt to protect profits threatened by the credit crunch, according to a survey published on Monday.
The annual survey of leading lawyers commissioned by Smith & Williamson, the financial services group, said three-quarters of big firms expected to see more emergency deals as confidence fell, despite the industry’s supposed resilience.
This is not news to us in the profession. It has already started and the current economic mayhem is simply accelerating the inevitable. In last week’s Law Society Gazette Lord Hunt, about to embark upon his profession-wide review of regulation, is reported as saying,
I will be listening to the views of the whole profession, and that includes the smaller high street firms as much as the global firms. I have a completely open mind about the best way forward. My message is – tell me what you think.
Let’s hope that there will still be some to tell him.