This sector leads practise verticals among top UK firms

A survey of UK law firms has revealed that one sector focus is a key area for the top 182 firms.

IRN Research analyzed the verticals covered by the largest firms and found that real estate was a focus for 101 of them, followed by financial services & insurance (97) and hospitality, leisure & sport (91).

While many of the largest firms are focused on several business sectors, IRN says that many verticals are becoming crowded, prompting a move towards niche sector expertise.

The survey also reveals that there is likely to be a net increase in demand for business legal services in the next 18 months.

Other key findings include that most small businesses only use one law firm while larger firms are more likely to use multiple outside counsel.

The report also shows that networking is important for law firms to reach new clients. It found that 27% of small business owners first came into contact with their legal adviser through a business networking event and almost a third had done so at an event organised by the firm.

That’s the conclusion of a study by Singapore’s SMU School of Law researchers Professor Locknie Hsu, Associate Professor Pearlie Koh and Associate Professor Yip Man.

They are calling on ASEAN member states to work towards transboundary legal frameworks which better support e-commerce and businesses seeking to use emerging digital technologies.

The report found that there are still barriers in areas such as e-commerce including consumer rights, data privacy, e-payment regulation and goods returns and refunds.

It also highlights that regulations on newer technologies like blockchain and cryptocurrency are fragmented, and laws on data transfer and storage vary throughout ASEAN.

"Overcoming these challenges is possible, if the key objectives of the AEC are kept clearly in focus," says Professor Hsu, who led the study.

Eleven of the promotions are outside the UK including 1 in Hong Kong, Amy Yu (company commercial).