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13th February 2012
A far-reaching annual survey from accountancy and investment management group Smith & Williamson has revealed that deregulation within the law industry will lead to an increased number of firms seeking finance from non-legal sources and possibly floating on the stock market.
This widespread deregulation – otherwise known as ‘Tesco Law’, due to the idea that the rules should make finding legal services as easy as shopping – encourages organisations to make deals with and receive external investment from non-legal practices, and even to ‘go public’ on the London Stock Exchange.
According to the research, a third of the UK’s forty biggest firms will look to take advantage of the new guidelines, with one leading practice potentially seeking upwards of £50 million of investment.
The shifting state of the sector should lead to an interesting few years for those already in or soon to begin London lawyer jobs, as the industry enters a period of unprecedented change which even the most seasoned legal veterans will not have experienced.