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How Many Law Firms Are Going To Fold In The Next 5 Years?

Posted: Friday, 4 January 2019 @ 13:43

There has been a recent article in the Lawyer Magazine by Sir Nigel Knowles who is the Chief Executive of DLA Piper which highlights that the legal market is going to hit a crisis. 

As Sir Nigel writes "The recent run of good economic data and increased deal activity should not fool anyone into thinking that the good times have returned for legal businesses. Law firms that believe recovering economic conditions, increased corporate activity and better markets will come to their rescue are deluding themselves. Reform is not brought about by an economic downturn, but rather is based on commercial imperatives. "

Quite so.

There are a number of reasons why this is taking place: Rise in client expectations, economic recession and the fact there are too many lawyers

And the solutions for law firms are to either develop a global presence or to become niche.

In the meantime what you will see is many law firms merging, folding but not addressing the fundamental reason why their days are numbered namely that we live in a different world.

Frankly, I see the solution as not only heading to niche areas, but focusing on growing areas of law which involve complexity. 

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