Markets remains challenging for law firms says Legal 500

MARKET conditions in the West Midlands legal sector remain challenging with firms having to work hard to earn their fees, according to the sector bible The Legal 500.

The annual report concludes firms have been active on the contentious side, advising on diverse areas including shareholder and partnership disputes, and in a further sign of the times, have been working with financial institutions to enable solvent restructuring.

The energy sector continues to show steady signs of growth, however, due to the continuing squeeze on commercial lending, deal making has been sluggish.

The report also concludes that another staple area for many firms, commercial property, remains quiet with market conditions creating limited opportunities.

Of the firms operating in the area, national player Wragge & Co remains one of the leading heavyweights, with “strengths ranging from corporate and energy  to corporate tax and construction”, states the report. It said the firm’s large commercial litigation practice was recommended for its international work. Last year, the firm opened new offices in Paris and Abu Dhabi.

DLA Piper was noted for its diverse range of international clients with high profile transactions including advising Intertek Group on its £450m acquisition of Moody International. The firm’s banking, commercial litigation and corporate restructuring and insolvency teams “attract many plaudits”, said the report.

Eversheds’ corporate team is highlighted for its involvement in some of the region’s largest deals, while it said its commercial property department is very well regarded., as is its property litigation team.

Pinsent Masons is singled out for its activity in some of the region’s most significant regeneration projects. Its banking, EU and competition practices also remain strong.

Gateley, it said, had continued to make progress across a range of areas, driven by its growth – notably through the opening of a Manchester office following its acquisition of the former Halliwells’ commercial practice.
 
Martineau is flagged for its experience in the education and energy sectors, while it says Shoosmiths “maintains a key position in Birmingham” through its social housing team, while it also strong in dispute resolution and insolvency.

Squire Sanders Hammonds is recommended for its pensions and licensing expertise, and “it also has a strong commercial property offering” where it has acted for several local authorities.

Areas of focus for Cobbetts are said to be the public sector and international work, while Irwin Mitchell is described as “a powerhouse” in the insurance market.

Mills & Reeve is said to have a good all-round offering, with key areas of expertise in private client, professional negligence and health.

Another firm to have targeted growth through acquisition is Shakespeares. The past year has seen it merge with Needham & James in Stratford and Nottingham-based Berryman.

All next week, TheBusinessDesk.com will be taking a sector-by-sector look at the region’s legal market in association with RBS. Information from the Legal 500’s verdict on the West Midlands legal market will also be available to download.