Lyceum Capital moots legal investment

• Private equity fund Lyceum Capital has set up a dedicated committee to explore the possibility of investing in the legal profession once the Legal Services Act comes into force in 2011.

The act, which has been dubbed the 'legal big bang', will allow outside investment in law firms for the first time. Lyceum Capital has recruited former Clifford Chance managing partner Tony Williams, former Co-op deputy CEO Paul Hewitt and law professor Richard Susskind to head the advisory board.

Commenting on the move, Lyceum managing partner Jeremy Hand said the legal services market was "fragmented" and offered considerable potential for growth.