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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