Welcome to the April/May issue of FD Legal. I hope you all had a very happy Easter, and I trust, like me, you also marked the birth of legal disciplinary practices on 31 March 2009.

   It is apt that this all happened around Easter; a time of resurrection and new beginnings (I’m ignoring crucifixions as, for once, lawyers aren’t the people’s choice to be strung up…). Easter was, in fact, originally a pagan celebration of rebirth, renewal and the coming of spring; which all ties in very nicely with the implementation of the Legal Services Act 2007 and the sunshine currently streaming through my window.

   At a time when attention is far more focused on the economy, firms are looking to keep their heads above water and redundancy is the word du jour. It is not surprising, therefore, that little attention has been given to legal disciplinary practices, and that the regime began with a mere take-up of only 14. With all the build up since the Legal Services Act 2007 was given Royal Assent on 30 October 2007, it rather feels like an anticlimax. But how much of the build up was actually felt or created by the law firms themselves?

   Of those I have spoken to, not many have seemed that fussed or particularly interested in the introduction of legal disciplinary practices. There has not been a rush to the starting blocks, as was demonstrated by the low take-up. But whether firms are adopting a ‘wait and see’ approach, only time will tell.

   What firms do seem to have developed more of an interest in is the possibility of outside investment. As we slide deeper into recession, the future looks very uncertain for firms and businesses alike. And as predicted dates of an upturn push further into 2011, there may be many that don’t make it that far. So who wouldn’t entertain the idea of a cash injection to keep the firm afloat or capital to keep up with the competition? Prompted by the recession, more conversations are certainly revolving around alternative business structures; in this issue we discuss private equity and outside investment and also take a look at one approach to law firm valuation.

   So what does the future hold for this new breed of law firm, and how will it fare against its more traditional counterparts? As Charles Darwin so wisely put: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” And we all know that ‘adaptable’ and ‘change’ are not really words that have so far featured in the history of the legal profession…

   FD Legal intends to keep you abreast of developments, and we begin with a look at the practical implications of the Legal Services Act 2007.

   I would like to thank all those who have helped me with this issue of FD Legal, and, as always, if there are any issues you would like to see covered or if you wish to contribute please do get in touch. Any feedback would also be very gratefully received.

   Also, are you seizing the opportunities that the Legal Services Act 2007 will bring? Have you become a legal disciplinary practice or are you looking to do so? Please drop me a line and let me know!

Joanna Lee

Editor