Macfarlanes, the London-based law firm, is pushing further into non-legal services as part of its latest reshuffle. The firm has created a new division, Macfarlanes Solutions, which will house its growing range of consulting and advisory services. This move is aimed at diversifying revenue streams beyond traditional legal work.
New Division to Drive Growth
The newly formed Macfarlanes Solutions will bring together existing services such as regulatory consulting, risk advisory, and compliance support. The firm has appointed partner James Palmer to lead the division. Palmer, who joined Macfarlanes in 2015 from Linklaters, will oversee the expansion of these services.
Strategic Shift
This restructuring reflects a broader trend among law firms to offer a wider array of services to clients. Macfarlanes has been gradually building its non-legal offerings over the past few years. The firm's managing partner, Sebastian Prichard Jones, said the move is a response to client demand for integrated advice. "Our clients increasingly want solutions that go beyond traditional legal advice," he noted.
Macfarlanes has also hired a team of consultants from Big Four accounting firms to bolster its capabilities. The new division is expected to contribute significantly to the firm's revenue in the coming years.
Industry Context
Other law firms, including Allen & Overy and Clifford Chance, have also expanded into non-legal services. However, Macfarlanes' move is notable given its relatively smaller size. The firm reported revenue of £245 million in the last financial year, with profits per equity partner at £1.2 million.
The reshuffle comes as Macfarlanes aims to remain competitive in a rapidly changing legal market. The firm has also invested in technology and process improvement to enhance efficiency.
