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Large law firms should consider structures that allow them “to trade in the substantial value of their businesses”, a corporate advisory firm claimed yesterday. Europa Partners said that six of the top ten by value large enough to be included in the FTSE 100 if they were listed.

Dealing successfully with succession is proving a difficult challenge for many traditional legal practices. The average age of (predominantly male) equity partners is now 59, yet most have failed to plan for their exit and succession. As a result, many firms now face an uncertain future with little or no value being placed on the sale prices of their practices and no younger partners prepared to invest in equity to enable partners’ retirement.