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.
It seems a significant number of firms are taking to providing financial services advice and setting up departments manned by investment advisers. I read regularly of new firms moving into this area.
While no-one can blame firms for looking at new business opportunities (indeed, they must be commended for their initiative), it is nonetheless a slight worry that a profession which is hardly known for its financial skills can put itself in a position where it is dispensing advice on the intric- acies of investment.
If investments go wrong, does this mean the profession must pick up the bill? I simply do not see how a law firm can have the same up-to-date information as a good firm of stockbrokers. And how can lawyers adequately supervise such an operation? Investment is a completely different ball-game to the practice of law.
Surely lawyers need to be qualified in the area to be able to supervise what goes on in such departments.
I am sure the Law Society is keeping a close eye on the whole area. However, I am not sure it should be encouraging firms to take up investment business. The less firms involved in it, the better.