Whilst the image of court rooms packed with barristers in wigs and gowns isn’t naturally associated with dynamic new practices, the UK legal services market has undergone a wave of innovation.
Driven by the UK Legal Services Act of 2007, which opened the market to competition from new business structures, new entrants and traditional law firms alike are changing the face of an industry where working practices have been the same for generations.
With the UK Legal Services market valued at over £35bn and growing at over 5% p.a., there is a clear incentive for entrepreneurial businesses and investors alike to enter the market.
Fairgrove has worked with a number of firms in the sector, from tech start-ups to service-led firms backed by some of the most established firms in the industry. Here is an overview of some of the exciting new business structures we’ve seen emerging in the ‘New Law’ space:
The emergence of these new models has seen the growth of many exciting challenger businesses, as well as concerted efforts from established players to update their offerings in an increasingly competitive market.
Fairgrove is delighted to have worked with a number of businesses in both camps. If you’d like to learn more, then please contact Paddy Woods Ballard for further details.
Photo: Tingey Injury Law Firm / Unsplash.com