Underperforming law firms must take action if they are to survive today's turbulent market
The unfortunate demise of law firms such as Cobbetts, Brooke North and Rowlands Field Cunningham highlights the significant challenges that many in the sector, particularly mid-tier practices, are facing. For some time, the market has been experiencing the perfect storm: a combination of sluggish trading conditions in a difficult economic climate, alongside significant regulatory change, including the Legal Services Act, which allows new players with deep pockets to enter the sector.
Law firms are tricky to restructure, but there are solutions for those that are struggling, says Clare Boardman (pictured)
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