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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
UK law firms are to suffer a blow to the amount of work they receive from in-house lawyers, according to new research by Grant Thornton’s forensic and investigation services practice.
According to the research, over half of the FTSE 350 in-house legal teams surveyed plan on boosting their in-house legal teams over the next year.
These recruits may come directly from law firms, as Toni Pincott, partner at Grant Thornton, explained: “In recent years more lawyers have ‘jumped the fence’ to join in-house roles for a better work-life balance and new challenge… in-house legal teams are making use of their specialist practitioner by taking on more work than ever before.”
Currently 43 per cent of in-house teams spend more than £1m on general legal advice each year.
Dispute resolution is an area where law firms have traditionally been able to command high fees, yet according to the research, the majority of in-house lawyers will begin to focus on preventing disputes.
Sixty-eight per cent surveyed expected to spend more time on strategic issues over the next three years and 60 per cent focusing additional resources on risk reviews.
Pincott explained: “While international and contentious legal work looks likey to continue to be a good source of revenue for the foreseeable future, it will still be imperative that law firms identify new trends and services to sell to in-house legal teams in order to increase the level of work they receive.”
The construction, banking and finance sectors anticipate the highest internal growth over the next three years.