Law firms moving in on investment business

MORE and more law firms are providing financial and investment services, according to a survey by The Lawyer.

The findings coincide with the launch of a new Lawyer section on financial services (see pages 18 to 23).

The survey among the country's biggest 1,300 firms, found that around 40 per cent of the respondents are handling financial services. Of those undertaking financial services, nearly 60 per cent are handling discrete investment business.

Just under half of the respondents have their own specialist in-house unit. The survey finds firms have teams of between one and 22 people.

Over half of teams appear to be led by a lawyer and, where non-lawyers are responsible, they are most likely to have been a qualified financial adviser, or have an insurance or banking background.