Alternative providers are a threat to the law profession, survey finds

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15th September 2016 13:04 - Professional Services

Alternative providers are a threat to the law profession, survey finds: According to a recent professional services survey, 40 per cent of managing partners from top law practices believe that alternative providers (for example, insurers and the Big Four accountants) are the largest threat to the legal profession.Alternative providers are a threat to the law profession, survey finds

The survey also indicated that law firms are more likely to expand by investing in technology and hiring established and experienced teams of lawyers, than merging with other law practices.

Entitled From recruitment to robots: Growth strategies for law firms, and released by corporate law firm, Fox Williams and legal comms agency, Byfield Consultancy, the report was based on a survey of 76 managing partners from the top 200 law firms.

The research findings revealed that there had been a decline in enthusiasm for company mergers. In the same survey in 2015, which gathered the opinions of the individuals from 102 top 200 law firms, revealed that 45 per cent believed that a merger was in the pipeline. In the 2016 survey it was found that 86 per cent believed that mergers risked reducing profitability, as opposed to other growth strategies.

The 2015 survey revealed worries about company mergers as a strategy for growth were widespread amongst managing partners. As well as this, 73 per cent of the survey respondents in 2016 said that they have not merged in the last two year, as opposed to the 95 per cent who predicted a merger was likely for 2016, in 2015.

Of the 19 firms in the survey who had merged said that they had reached a greater financial stability, with no companies admitting to a reduced profitability since a merger.

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