Many UK Business Law Firms Seeking External Capital, Survey Reveals
In a survey of UK business law firms recently conducted by financial advisory
firm, Smith & Williamson, 64% of those questioned revealed that they are
considering raising external capital in order to retain their competitiveness
within the marketplace. Of those, 72% said that they would seek structured financing from a bank in
order to raise extra cash, 43% revealed that they would consider a private equity
arrangement, and 35% said that they would likely seek a listing on the Alternative
Investment Market (AIM) or London Stock Exchange (LSE). Speaking to the Law Gazette with regard to the latter option, chairman of Smith
& Williamson's professional practices group, Simon Mabey explained that
the likelihood of law firms taking this course of action depends on the conclusions
reached by Sir David Clementi in his review of the legal services sector, set
for release next month. .
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