Law firms are increasingly targeting specialist teams in other firms, rather than just individuals, to boost their practices, a survey found this week.


Accountancy and management group Smith & Williamson found that 61% of the 96 top firms quizzed had acquired a team of individuals in the past two years, while 77% said they would consider acquiring a new practice area as a whole.



Giles Murphy, head of assurance and business services at Smith & Williamson, said acquiring whole teams avoided integration issues that often accompany mergers and they were likely to be profitable quickly. Three-quarters of respondents who had acquired a team reported that they were profitable within two years.



'Bringing in a team can give you the benefits of a merger but also take away the issues that come with a merger - there is no debate about which IT platform or grade structures to use,' he said. 'People simply come in and join the firm.'



According to the survey, most teams that changed hands were relatively small. Almost half were two to five people and a third were six to ten people.



Anita Rice