Seizing the opportunity to grow and adapt in a changing marketplace
The legal sector in the UK is changing and these changes are far reaching. Law firms are evolving fast and increased competition; new entrants to the market and innovation in technology are challenging the typical business model.
In recent years, governance models and structures have undergone a process of evolution and sometimes dynamic change. Many expect dramatic shifts as firms deal with highly competitive markets, increased risk and regulation, financial pressure and changing client demands.
Forward looking firms are seizing the opportunity to grow and adopt new processes to achieve competitive advantage over the traditional law firm.
BDO has a dedicated team of legal sector specialists across our business streams both in the UK and internationally. Our services are carefully tailored to each client, and we regularly advise on a range of specific issues and solutions for the legal sector. We are committed to providing a sounding-board for strategic and financial issues and tax planning for your firm.
Led by 6 partners, together with a dedicated team of 60 staff, our legal clients benefit from a partner led approach that delivers excellent client service. We have an in-depth knowledge of the legal sector and regularly advise on:
- Partnership and corporate tax planning and compliance
- Personal tax returns
- Partner pay and reward
- Managing working capital
- Audit and financial reporting
- Mergers and acquisitions
- Business restructuring
- Succession planning
- International expansion
- UK and global outsourcing
- Corporate governance.
Our clients range from local, national and international firms. We provide services to ‘Magic Circle’ law firms, mid-market and smaller boutique and specialist firms.
BDO has strong ties to the Association of Partnership Practitioners (APP), and our Head of Professional Services Nick Carter-Pegg is chairman of the Managing Partners’s Forum (MPF), London Committee. Working with these groups, together with our clients enables us to be at the forefront of sector expertise and have a hand in industry changes.
The Technology Imperative: Digital disruption in the legal sector?
Our latest research outlines the need for action in the investment and application of technology in the legal sector. We surveyed almost 40 senior decision makers working in law firms to understand their firm’s intention to increase investment in technology in the next 5 to 10 years and the associated barriers to the adoption of new technologies.
In our short report, we explore the lack of clarity amongst law firms in how and where to invest as demonstrated from our research. What are the difficult questions the legal sector need to answer in order to find a way forward?