Competition among law firms

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COMPETITIVE pressure among the region’s law firms is on the rise, according to research from accountancy and investment management group, Smith & Williamson.

Law firms from across the south coast and the south east took part in the survey, which found 60 per cent reported growing competition.

Despite this, confidence remains high with 93 per cent positive about the year ahead. A focus on specialist sectors, IT and lateral hires are reported as the three greatest opportunities.

The survey also found 43 per cent are looking to acquire or merge with another firm in the coming year – up from 28 per cent last year.

Rebecca Combes, from Smith & Williamson, said: ‘There are plenty of opportunities, but the growing strength of specialist firms, coupled with new entrants means firms must fight hard to maintain market share and keep up with clients’ demands.’