Smith & Williamson found that of the 21 top firms that responded nine said that a tie-up move was ‘likely’, with accountancy firms the most attractive target, reports Legal Week.

External investment

Six of the top 40 firms also said they are considering taking external investment, with five looking for private equity funding.
David Beech of Knights solicitors - which last summer received investment from private equity house Hamilton Bradshaw – commented: ‘These figures don't surprise me, particularly in the current economic climate, and they point to a shift in how law firms are starting to think about realising their future growth.” He told the magazine that firms considering taking on external investment had to be prepared to do things differently – such as moving away from traditional partnership model.