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As clients become increasingly discerning and cost-conscious, mid-level firms have caught a whiff of opportunity in the air.
As we detail today, a number of firms whose names are not necessarily synonymous with the corporate sector are seizing the moment and bulking up their corporate and transactional teams in a bid to win new work.
RPC and Irwin Mitchell are prime examples, with both firms openly declaring their commitment to stake a claim in the mid-level corporate market. RPC’s corporate revenue leapt up by 20 per cent in 2011/12, while Irwin Mitchell has increased the number of partners in its business legal services department by almost 20 per cent since June 2012.
While many magic circle relationships are relatively institutionalised, how will this shift affect existing mid-sized corporate stalwarts? It largely depends who the challengers recruit.
One thing is for sure: As the mid-market becomes increasingly unsettled, those corporate teams with the ability to forge new and concrete corporate relationships will reap the rewards.