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The recent spate of Anglo-Scottish mergers will not be the last as Scotland gears up for its own alternative business structure regime going live, it has been predicted. There has been a “surge in M&A activity in the Scottish legal market”.

Andrew Whitehouse of corporate finance house Smith Square Partners – which is targeting the legal market after tying up with ABS Advisory Partners – says that with consolidation set to accelerate, converting to a corporate structure is the best way for law firms to take advantage of it

There have now been well over 100 alternative business structure applications since 3 January 2012 and we should see the first approvals imminently. So, what does this mean for the estimated 75% of practices which are just sitting and watching and hoping this will all go away? Should they be preparing to join the law firm beauty parade that will decide which law firms are purchased, sold and merged? Or are they right to wait on the side lines, biding their time?

Merger and acquisition activity is becoming a far greater strategic priority among the largest law firms, new research has shown – although most still remain wary of alternative business structures. It also highlighted how top firms are being forced to offer fixed fees.

Our latest news round-up cover the SRA’s view of HSBC’s conveyancing undertaking, a fall in the number of firms closing ahead of PII renewal, a warning over merger failures, the Co-op seeking legal apprentices, and key appointments at Irwin Mitchell, the Law Society and CIPA.