The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
Law firms are now handling more than £1 billion pounds worth of investment management business, according to research carried out by the Association of Solicitors in Investment Management (Asim).
The figures, due to be released on 16 January at the launch of Asim's directory, reveal a 50 per cent increase on last year's figures. This represents 1 per cent of the overall private client market of mid-range wealthy individuals who tend to invest with solicitors.
According to Asim chair David Lough, of Cripps Harries Hall, the increase proves that "more firms are providing a good service. It shows clients are happy, which is important as the most significant source of growth of business is clients talking to other clients."
He said the expansion showed "a growing public appreciation of solicitors firms' independence and trustworthiness in money matters".
Lough said it also acknowledged solicitors had employed staff with real investment expertise. He said it may also signify a trend where more people "are deciding to bring a broad range of their personal affairs under one roof, rather than asking different advisers for separate advice on such matters as tax, pensions, trusts or wills".
He said solicitors firms doing this business could expect £11 million in pounds in fees on the £1 billion business.
Heather Martin, Asim secretary, said the growth of investment management was "very significant". Other solicitors were "passing so much of this work on when they could do it themselves".