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Big changes taking place among law firms

Legal 500 editor John Read
Legal 500 editor John Read

The Legal 500 UK is not London-centric, although the city has a unique position in the UK legal landscape.

Markets throughout Scotland continue to be equally important.

As the legal services sector evolves across the UK, we need to reflect those changes in the guide.

After several years of weathering the storm of recession, the influx of capital into Aberdeen – as well as other major centres like Dundee – is having a ripple effect on a widely resurgent market.

The past year has seen firms based in the north-east of Scotland cautiously optimistic and far busier than many had predicted.

Firms are taking stock of their market position post-Lehman, and many are choosing consolidation through mergers and acquisitions, to establish more depth in core practice areas and achieve wider geographical coverage.

With the largest national firms increasingly focused on the international market, there is more opportunity in the local Scottish markets for mid-market nationals and smaller firms to move further up the food chain.

Conversely, some large London firms are establishing their own bases outside the city, enabling them to meet client demands to service aspects of high-end transactional and litigation work from a lower cost base.

It is unlikely that such operations will have a material effect on UK markets outside London.