Data released by the Solicitors Regulation Authority has shown that it authorised 612 new legal businesses between 1 January and 31 July this year. With full-year openings totaling only 812 last year and 807 in 2014, this year is on track to eclipse the 1,000 mark if the second half of the year continues at the same pace. New firm openings are also well outstripping closures, which totaled 349 in the year to May.
'Increased demand for small firms'
The net number of ‘stable’ firms in the UK remains largely unchanged from recent years, at approximately 10,500. ‘Conditions are ideal for solicitors to create their own firms and control their own future and working life,’ says Sally Azarmi, chair of the Law Society’s Small Firms Division. ‘We are no longer tied to the traditional way of working, with prohibitive overheads. In my experience, there is increased demand for small firms.’
Source: Law Society Gazette
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