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Staffordshire law firm Knights has struck a deal to accept investment from the private equity company owned by former Dragon’s Den star James Caan in a bid to attract work away from the City.

Any form of growth requires funding. Traditionally law firms have funded growth (or in some cases losses) from the high street banks. We have all recognised that this option no longer exists – or does it? The reality is that if you have a good solid history and a sound business plan, then most of the banks will still provide this badly needed access to capital. If you are not so fortunate, how are you going to expand without investing either your own cash, or someone else’s?

Chris Marston, head of professional practices at Lloyds TSB Commercial, takes a look at how solicitors’ firms can compete against external capital.

National law firm Irwin Mitchell has named the former vice-chairman UK of PricewaterhouseCoopers its chairman-designate as it continues preparations to become an alternative business structure.

The first business to announce its intention to invest in law firms has already spoken to more than 25 interested practices, it has revealed. However, In-Deed’s half-year results have revealed a very slow start to its online conveyancing business, with only 120 instructions in four months.