Smaller law firms want to adapt but not sure how
It’s not just large law firms that accept the need to adapt but small and medium sized firms are not always sure how to, says a new report.
Although firms realise that change is required to meet the challenge of a more competitive market, many stay in their comfort zone and lack a clear plan to be different.
The report from Thomson Reuters polled UK-based firms and found that most are confident of revenue growth with 79 per cent saying their revenue has grown over the past 12 months and 76 per cent expecting the same in the coming 12 months.
More than half of those expecting increased revenue in the coming months expect it to come from existing clients.
Most (88 per cent) respondents said that they are more efficient than their peers but many are failing to achieve success based on their own definitions of that.
While most small and medium firms believe that the market conditions are tougher now than 12 months ago and 46 per cent are looking to grow through acquisition.
Ashurst hires Clayton Utz, HSF partners for Melbourne M&A
Ashurst has strengthened its M&A practice in Melbourne with the hire of partners John Brewster from Clayton Utz and Shane Kyriakou from Herbert Smith Freehills.
The two lawyers bolster a national practice which will also welcome 10 further legal professionals early this year.
Global managing partner Paul Jenkins commented that the hires are part of a strategy to broaden and deepen the already-strong M&A team in Australia and globally.
Fieldfisher adds a second office in China
International law firm Fieldfisher has expanded its presence in mainland China with a new Shanghai office.
The office is the firm’s second in the country, following the opening of a Beijing office last November, and will be led by corporate partner Liang Xing who joins from Mylink.
Xing will be joined in Shanghai by existing Fieldfisher partners Baoen Bai and Ming Zhang, and associate Jie Kong, who have relocated from Beijing.