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There will be an “enormous amount” of external investment and merger activity in the legal market over the next 24 months, a leading investment banker has predicted. He said investment had only been held back by uncertainty in the volume market.

A leading media law firm and a regional practice seeking minority external ownership to drive an acquisition strategy are among the latest alternative business structure approvals as the number of licences issued by the Solicitors Regulation Authority tops 100.

Personal injury firms have weathered the recession better than any other area of practice – and are far more likely to be looking for external investment than any other as well, one of the largest-ever surveys of solicitors’ firms has found. It said employment, family and corporate / commercial specialists also performed better than average.

Our regular round-up of important news nuggets includes the newest SRA-licensed ABS, an advice contract for the Co-op, a survey of top firms on how they are changing, a probe of SRA files to identify any racial discrimination, heavy fine for spam texters and much more.

Investment by Dragon’s Den star James Caan has given the law firm Knights privileged access to clients and helped boost fee income by 20%, according to its managing partner. Meanwhile Parabis chief executive Tim Oliver has warned about the entry of the big accountants.