We recently partnered with leading law firm Fox Williams LLP to take an in-depth look into the UK legal industry's plans for growth and expansion. In our report ‘From Recruitment to Robots’, we examined the main considerations for firms as they grew and aimed to increase their profitability by conducting a survey of the Top 200 UK law firms.
Results showed that in many instances mergers were a successful method of growth for firms as:
- 79% said they had received more instructions from clients post-merger;
- 63% had experienced a boost in combined profitability; and
- 53% had experienced better financial stability
However, with law firms constantly scrutinised for their growth strategies many are considering less risky options. Our research showed a large proportion of respondents focused on people and recruitment as tools for growth, with 71% saying that acquiring a team would provide the best prospects for increased profitability if implemented successfully.
An additional consideration that emerged from our research was a focus on technology, with more than four fifths of respondents considering investment in technology to represent the best prospects for increasing their firm’s profitability and 55% making considerable investment into technology in the last 12 months to commoditise aspects of legal work.
Overall, law firms are constantly striving for the market differentiation, which can be easy to conceive but difficult to implement - growth strategies can help them acquire that much needed edge.
To gain a further insight into this research and download the ‘From Recruitment to Robots’ report, please click here.