Stories about mergers and acquisitions in the legal sector tend to get The Lawyer in triumphant mood, so recent scoops on Slater & Gordon's plans as well as tie ups between Greenwoods and Parabis have had that mag in particular speculating about what's next.
May has so far been the month of mergers and consolidation as this widely predicted dynamic has begun to take hold. Early in the month the Lawyer reported how Parabis and Greenwoods had announced their intention to merge, while Australian-based Slater & Gordon revealed a trio of takeover targets in Simpson Millar, Goodmans Law and the personal injury practice of Taylor Vinters.
In the North West, Anthony Hodari Solicitors' latest acquisition of Tandem Law was described by Chief executive Mark Grover, as "continuing our post-LASPO strategy of sensible diversification".
Amidst all of these stories on consolidation the Lawyer's rival magazine Legal Week indicated the profession was in fact 'losing its lustre' as students mull alternative career options. Legal Week Intelligence's annual Law Student Report, which this year surveyed more than 3,000 undergraduate and postgraduate law students, found just 60% of undergraduate law students want to pursue a career as a solicitor, with the proportion declining from 80% in 2010.
Here at PremExtra we are fond of a little perspective and it seems pertinent that should a similar percentage of undergraduates be dead set on a career in, say, insurance, that industry might have a significantly higher popular profile than it currently enjoys.