Birmingham'S leading set, St Philip's Chambers, is launching itself as a public limited company, a first in the legal profession.
The move is planned to revolutionise the way St Philip's, voted chambers of the year at The Lawyer awards, is run by introducing a corporate culture and collective thinking.
The set hopes the investment will cut the chambers' running costs and help the set to provide a cheaper, more competitive service to its clients.
It also expects to provide some return to its 90 tenants for their £10,000 capital contribution. While St Philip's is not perceived as getting close to the leading commercial sets in London, it has been at the forefront of reform at the bar.
In June, it reformed its constitution to streamline the process by which new tenants are recruited, cutting the time it takes to hire tenants from three months to one week.
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