Lawyers speak in dramatic, almost biblical terms, of threats currently visited on the profession in England and Wales. Momentous change.

The changes in regulation and potential ownership are dramatic and will have a significant impact, not on all firms and practitioners at one time - nor will all be affected in the same way - but the environment in which we practice will change.

A combination of the changes to regulation and ownership, coinciding with a tougher insurance market; a more sceptical attitude from our bankers; economic uncertainty; a rolling back of the state (and its impact on legal aid); and continuing reappraisal by clients of value we offer and the manner of service delivery leads to significant challenges.

I have often observed that able lawyers, practising to the highest ethical standards, are nonetheless overtaken by events. This generates hardship, anguish and risk. In this respect we are no different to any other sector in the economy. How many excellent manufacturers and retailers have gone to the wall, notwithstanding their hard work and concern for customers, in the face of innovative newcomers or those who have successfully moved with the times?

As a group the legal profession should have greater self-confidence. We have within our ranks some of the most able and successful practices in the world. Some international, others national or local.

Success reflects the long term and there are many examples of innovation within the legal profession. Traditionally, and probably rightly, the legal profession has not been encouraged to become entrepreneurial against a backdrop of a forgiving insolvency regime. While other areas of commerce have had the shelter of bankruptcy, some suggesting that at least one business failure is required before anyone can be regarded as truly entrepreneurial, solicitors face disciplinary sanctions for failing to manage their business competently.

Firms, large and small, demonstrate a real enthusiasm for innovation, led by their wish to meet the needs of their clients. We continue to deliver and innovate the delivery of our services and advice to better match the needs and interests of our clients.

The development of multi-disciplined and easily scalable teams to support transactional work; the assembly of project teams for finite pieces of work; analysis of workflow; use of case management; and appropriate supervision demonstrate many good examples of innovation.

These are not confined to firms of a particular size, although there is no doubt that the significant costs associated with investment in systems, will, in some segments, create pressure for firms to merge. In other segments, the size of client and transaction and the need for perceived strength in depth provide a more obvious pressure to grow, whether organically or through merger.

However, in other areas, there are examples of practitioners providing cover through associations with other practitioners without merger. Associations via virtual offices, providing access to expertise without the standing overhead cost.

Others choose to go it alone, providing valued support and advice to those of limited means with a surgery style, enabling the individual to leave at the end of a consultation with written advice, having dealt with regulatory requirements and paid their fee.

Clearly, the opportunity to increase the scale and speed of investment via external ownership/investment (alternative business structures) will have an impact on some areas of practice in short order.

However, it is wrong to assume that lawyers will necessarily relinquish control and must be subservient to the investor. Many solicitors are innovative and accomplished people of business and will attract investment because of their strategic and management skills. We must retain confidence in our abilities to use additional resources, complimentary business skills and acumen to develop the services we already provide, demonstrating ever-great innovation.

We can do this without undermining integrity, independence or the furtherance of clients' interest. That is the opportunity.

Robert Bourns is senior partner at national law firm TLT. He is a City of London representative on the Law Society Council, a past president of Bristol Law Society, and secretary of the Association of South Western Law Societies