A survey of partner law firms commissioned by Harbor into post-pandemic strategies found that:
- 31% of respondents said their company is actively considering an IPO in the next 12-18 months
- 50% said the pandemic presented new opportunities for their business
- 80% felt their leadership team should embrace innovation to drive growth
- Only 22% of those surveyed said their business had ruled out credit facilities with third-party lenders in the next 12-18 months
30e NOVEMBER 2021: In a recent national survey of more than 200 partner law firms, 31% said their firm was actively considering an IPO within the next 12-18 months and an additional 44% said an IPO was in the study.
Additionally, 78% of law firm partners said their firm was either in active discussion or considering whether to take out a credit facility, indicating that there is greater demand. than ever on the part of the partners of British firms to seek external capital to supplement their own funds.
Ambitious growth plans are the catalyst for this shift in sentiment, with over 50% of respondents saying the pandemic has presented new growth opportunities to expand existing practice areas or develop new lines of business with several. companies acquiring talented teams to drive growth.
Many law firm partners felt that adopting innovative practices was essential to accelerate growth or maintain market position, with 80% of respondents observing that management teams should integrate innovation into post strategies. – cabinet pandemic.
While 86% of respondents pointed to continued downward pressure from clients on the costs of certain services, innovation and attracting external investments should counter this pressure and respond to the growth agenda.
Ellora MacPherson, Director of Investments at Harbor, said: “This survey shows a real desire of companies to access external financing to support their growth ambitions. IPOs are one way to do this, but not all businesses are right for it.
The survey reveals a growing appetite among businesses to obtain credit facilities from established lenders for litigation.
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About the port
Harbor is the world’s largest private litigation and arbitration funder. Since its founding in 2007, Harbor has become a trusted advisor and provider of capital to law firms, businesses and claimants, helping them advance high value commercial litigation around the world. So far, the organization has funded 126 cases, for a combined total claims value of US $ 19 billion, in common law and civil law jurisdictions, and in several arbitration forums.
About the survey
The survey was conducted by Censuswide and commissioned by Harbor, the litigation and arbitration funder. Through a survey of more than 200 law firm partners with more than 50 layers, the survey aimed to infer the main challenges and opportunities law firms face, and what their priorities are after the pandemic.
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