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In-house lawyers predicted to set up law firms
The arrival of law firms set up by in-house legal teams to offer legal services to clients is only a matter of time, according to a leading consultant.
In-house lawyers may set up captive law firms in order to provide legal services at a low cost zimmytws
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Dr George Beaton of Beaton Research and Consulting says it makes sense for in-house law firms to set up captive law firms which would then provide legal services at a low cost. He is quoted in the Australian as saying: 'I have been party to discussions in the insurance industry and they fell over. But this has got to happen - it's only a question of when.' He gives examples of a county council in England and of British construction company Carillion going down this route. He warns that the arrival of this new model could devastate existing law firms. Commenting on traditional firms, he concludes: 'Our modelling shows their profit per equity partner will halve within a decade.'
