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Legal Insight Series 2020: Paradigm Shift

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Legal Insight Series 2020: Paradigm Shift Legal Insight Series 2020 Paradigm Shift Part 5 of 10 Paradigm Shift The UK’s mid-tier firms appear on the surface to have shrugged off Brexit uncertainty and signs of a domestic economic slowdown, posting solid growth and impressive PEP increases in 2019. According to data released by Legal Business magazine second quartile firms in its Top 100 UK rankings saw revenues rise an average of 6% on a like for like basis to £135m. If the £140m generated by the transatlantic Womble Bond Dickinson merger had been included the rise would have almost doubled to 11%, outstripping the Top 25 in average revenue growth. Average PEP meanwhile rose an impressive 13% The alternative legal service provider market to £566,000. Firms with clearly communicated (ALSP) was worth more than $10bn annually in practice area and industry strengths – such as 2017 according to research by Thomson Reuters Fieldfisher, Stephenson Harwood and Travers carried out in 2019. This was an increase of 13% Smith – were the stand-out performers, part of a of the estimated $8.4bn in 2015, making it equal wider trend at all sections of the market towards to a third of the revenues (£24.2bn) posted by the increased specialism and geographic tightness entire top 100 UK firms in 2018/19. across the UK and Europe. Kennedys, a firm developing a host of new services Working out what you wish to be known for and aimed at their core insurance clients, has developed conveying that unwaveringly to clients is what an internal incubator that allows staff to become separates the winners and losers in an increasingly the CEO’s of their own product ideas. Many other saturated market. firms including Addleshaw Goddard, Mishcon de Reya, Eversheds Sutherland and Pinsent Masons But look beneath the surface and mid-tier firms are following similar initiatives aimed at diversifying appear to be struggling across key metrics compared their client offering and in so doing, their revenue to their more globalised rivals at one end of the streams. At the same time, publicly quoted law spectrum and the hyper-focused boutique firms firms are already using their vast war chests to at the other. Profit per lawyer remained flat at buy non-legal service providers. £65,000 whilst average revenue per lawyer was static at £267,000. (Source: Legal Business.) With Firms are looking towards progressive Magic recessionary head winds in the air, these figures Circle players such as Allen & Overy which has do not bode well for the year ahead. overhauled its graduate recruitment programmes to include a non-legal training contract for trainees In order to tackle underlying profitability issues, who wish to work on the delivery side of mandates the more innovative firms are turning to a new as opposed to working as lawyers. This is a model – the development of non-legal consultancy development that is expected to be replicated and advisory services in a bid to broaden their across the mid-tier in the coming years. sell to clients. Not only can these ‘non-reserved’ businesses be run by non-lawyers at a significantly reduced cost but they can also be opened up to outside investment, thus enabling faster growth. Consultancy services can also be segregated for Professional Indemnity (PI) insurance purposes, lowering both premiums and risk. 234019486 Legal Insight Series 2020 | 2 Paradigm Shift Much of the impetus behind the development Giving technologists and non-lawyers top jobs in of new services comes from the increased the hierarchy has historically met with resistance willingness of clients to by-pass their traditional amongst traditional law firm partnerships. This legal advisors for consultancy advice, an area mindset is being slowly but surely swept aside dominated by the more technology-focused with cross-disciplinary teams working by necessity Big Four accountancy firms and established to create new businesses and products to sit ALSPs such as Axiom. alongside ‘reserved’ legal practice areas. Konexo, for example, has created a new role of Head of One of the biggest stories to emerge in the Technology & Transformation and will also be consultancy space this year was Eversheds adding specialist tech knowledge and experience Sutherland decision to spin off its advisory, through an external advisory board and the interim resourcing and managed services appointment of Non-Executive Directors. business, Konexo, from its LLP. The new structure will give it the flexibility to access external funding The realisation that today’s consultancy start-up and consider JVs and acquisition opportunities might be tomorrow’s publicly floated mega-company to support and accelerate its growth plans. is dawning on even the most conservative law firm The firm said that Konexo is already generating partners. The next decade could see the classic revenues of £40m and was responsible for bringing law firm model completely re-drawn. in the single biggest matter for the firm’s international business in 2018/19. Konexo’s legal managed services product line is led by a team of tech professionals as opposed to lawyers. Commenting on the announcement, Eversheds Sutherland Co-CEO, Lee Ranson, said, “Clients are increasingly asking us for alternative solutions to enable them to better deal with the changing legal landscape. I am confident that Konexo can meet these needs. We have a bold and ambitious plan to accelerate Konexo to a £100m business, driven by our strong track record to date and the opportunity offered by the growing £10bn global ALSP market.” 234019486 Legal Insight Series 2020 | 3 Contact us If you have any comments on the contents of this report or would like to have a discussion on any aspect of the legal profession more generally, please contact: James Tsolakis Relationship Director Head of Legal Sector Financial Institutions & Professional Services Large Corporate and Sectors Commercial and Private Banking 020 7063 3054 We may record your calls. Call charges may vary [email protected] natwest.com/professionalservices @NatWestComm NatWest Business NatWest Business #NWLegal Important information This document has been prepared by National Westminster Bank Plc and its affiliates (together “NatWest”) for the intended (the “Recipient”). This document has been delivered to the Recipient for information purposes only. It does not constitute an offer or invitation for the sale, purchase, exchange or transfer of any investment, loan or asset and is not intended to form the basis of any decision or evaluation by the Recipient and should not be regarded as a recommendation by NatWest that the Recipient should participate in any transaction. The Recipient should seek its own financial and tax advice and perform its own independent investigation research and analysis, and shall rely solely on its own judgment, review and analysis to determine its interest in participating in any transaction. Nothing in this document should be construed as legal, tax, regulatory, valuation or accounting advice by NatWest for the Recipient; all of which the Recipient acknowledges that it should seek from its own advisers. The content of this document reflects prevailing conditions and NatWest’s views as at this date. NatWest reserves the right, but shall not be obliged, to revise, update or replace such content. NatWest has prepared this document based on information obtained from a number of different sources and assumed, without independent verification, the accuracy and completeness of all such information. No representation, warranty, undertaking or assurance of any kind, express or implied, is or will or has been authorised to be made as to the accuracy or completeness of the document. Without prejudice to the generality of the foregoing, nothing contained in this document is, or shall be, relied upon as a promise or representation as to the achievability or reasonableness of any future projections, estimates, prospects or returns contained herein (or in such other written or oral information provided to the Recipient). The issue of this document shall not be deemed to be any form of commitment on the part of NatWest to proceed with any transaction. NatWest shall not be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this document or in any other information or communications made in connection with the matters set out herein. NatWest accepts no liability for the actions of any third party referred to in this document. By accepting this document, the Recipient agrees to be bound by the foregoing limitations. The publication and distribution of this document may, in certain jurisdictions, be restricted by law. Recipients of this document should be aware of, and comply with, applicable legal requirements and restrictions. NatWest accepts no responsibility for any violation of any such restrictions. National Westminster Bank Plc. Registered in England and Wales No. 929027. Registered Office: 250 Bishopsgate, London EC2M 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. No 121878..
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