Taylor Wessing’s new managing partner Tim Eyles has set up a ‘change group’ to look into opportunities arising from the Legal Services Act (LSA).
A five-partner committee will examine the possibility of external investment, which has been made possible for the first time by regulatory changes due to come into force in 2011.
It will also have a broader remit covering the changing legal market, including alternative fee structures, procurement and efficiency measures.
Taylor Wessing is one of the few large firms to be openly receptive to outside investment under the new Alternative Business Structures rules laid out in the LSA.
Eyles, who is leading the committee, said: “There’s potentially great change coming in the legal profession and we have to be forward-thinking.
“We’ve put together a group of partners from some of the key areas of the firm.”
The other members of the change group are financial institutions head Tim Stocks, finance partner Peter Shepherd, IP and contentious partner Niri Shanmuganathan and real estate partner Adam Marks.