The famous Chinese curse, “may you live in interesting times”, is the position that UK law firms find themselves in today. This traditionally slow-moving division of ‘UK plc’ is going through seismic change. Globalisation, corporatisation and fixed billing arrangements are just a few factors straining the sector’s current model of success.
This size-fixated model has effectively sorted the sector into a league system. Here, big London-based players luxuriate in the limelight of huge clients, deals and fees, with regional firms pushed out, often under the mistaken impression they are simply overgrown high street practices.
