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Commercial solicitor news – ABS impact unavoidable

21st May 2012

“For those firms and businesses who say they have no interest I say you’re looking through the wrong end of the telescope. Your competitors are very interested, as are the young lawyers who represent your future. The tentacles of ABSs spread to many other areas and will impact directly on you,” warned Plant.

Plant said that the only way commercial solicitors can survive and thrive is by embracing the changes. He also said that older commercial lawyers would have to respond to younger members of the profession, who will be more willing to adapt to ABSs.

“The new generation want to control their destiny and, given the choice between joining a traditional law firm with slow steps up the ladder and joining one with share options, many will take the latter course. City of London firms take note,” said Plant.

Whatever services commercial solicitors provide, whether it is specialist mergers and acquisitions advice, property services or licence agreements advice, it would seem that there will be no avoiding the onset of ABSs.

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