updated on 07 June 2019
Over 500 new law firms are expected to launch in 2020, according to a specialist law consultancy firm.
In a new report, legal business consultancy Hazelwoods points to a “buoyant” market and falling technology costs as key reasons why “entrepreneurial” lawyers are applying to the Solicitors Regulation Authority (SRA) to set up their own firms in large numbers. In 2018, the SRA received 523 applications to start new firms.
The Law Gazette reports that some firms are also taking advantage of deregulation to pursue external investment.
Andy Harris, partner at Hazlewoods said: “At the moment the legal profession is developing into quite a hotbed of entrepreneurship and innovation. New law firms are experimenting with new business models, looking to fill gaps that exist in the market, and they're making more use of technology to give them a competitive edge.”