Andy Raynor, managing partner of Shakespeare Martineau, expects the combined 140-partner practice to show a growth rate this year of double the market rate. He says: 'You don’t have to be a half-billion-turnover practice . . . Where we are — at £75m turnover — allows us to do things that a firm twice our size would be able to do.'

Brand awareness

The Midlands-based practice is aiming to win more work rather than to tread water. Mr Raynor says: 'We don’t want to simply ride the economy . . . the only way to consistently grow is to win more work from your competition.' There are various signs that non-London, smaller firms can take on the big players. In cost terms, the non-London firms have an advantage. They can also attract more top class lawyers who might be priced out of buying homes in the London property market. Brand awareness is falling among the Magic Circle firms outside London, acording to a recent research report from Acritas. 

IT differentiators

Greater innovation and use of IT are other ways that all firms can differentiate themselves. Part of the rationale for the Shakespeare Martineau combination was the ability to invest more in technology. Source: Financial TImes