Business of Law: Operations, Investments and Ethics

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What comes to mind when you think of a law firm? Plush city offices, hospitality boxes and high-net corporate transactions? Or do you picture the smaller practices dotted along our high streets that provide advice to the community? The disparity between these two caricatures is stark.

In this Breakfast Briefing, Chris Nott, Senior Partner at Capital Law will discuss the altered landscape for law firms since he began practicing. At that time, a significant amount of funding came from legal aid, and consumer law was the main thrust of business. That model no longer exists. ‘Austerity’ has triggered major cuts to legal aid in the UK, to the extent that many consumer high street firms have long shut their doors. The UK now ranks 79th in the world for accessibility and affordability of civil justice.

Despite this, in the past two decades the legal sector increased its combined revenue by 260%, whilst the UK GDP increased by only 36%. The UK legal sector is the second largest in the world, and accounts for over £40billion worth of UK revenue. The top 10 UK law firms reported a record profit margin of 39.9% with some equity partners still taking home up to £5million annually, so there is obviously still big business to be had, and yet only 6 law firms have ever floated on the UK stock markets? Why is this?

Chris will share his perspectives on these issues, and more, sharing examples of sector leaders who are seeking innovation within the legal sector to improve professional and ethical sustainability in the face of ever income-driven cultures. Professor Leighton Andrews will chair this open platform discussion about the legal sector’s past and more importantly its future.

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