The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
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.
A Law Society snapshot of the opportunities and problems facing high street practices paints a bleak picture of the future.
Compiled by its research and policy unit policy adviser John Jenkins, the chart on the right covers most areas of high street practice.
"My general conclusion from this exercise was that existing trends suggest that the number of high street solicitors is likely to grow faster than the demand for their services," Jenkins told the Richmond conveyancing conference, Defending the residential conveyancing market, last month.
He added: "I believe that high street solicitors need to seek new opportunities."
While one diversification option is selling property, Jenkins stressed that solicitors taking this route needed to demonstrate that they remained independent advisers and be aware that estate agents had a worse public image than did solicitors.
Jenkins added that firms were risking their reputation as well as their profit margins by negotiating low fees with clients who shopped around.
He said firms faced the danger of loyal clients discovering they were paying more than other clients for the same service. This would prompt them either to re-negotiate their own fees, or to go elsewhere.