In 2012 and 2013 the inclusion of Alternative Business Structures (ABS) in the legal marketplace will see completely new firms created using private equity investment.
LLP's will be phased out or replaced by Limited Companies.
External (non UK) legal brands with huge financial resources will become ABS's and start to eat into the UK legal market.
There will be lots of mergers as middle tier firms start to feel the financial squeeze and "huddle together for warmth".
Many more redundancies amongst lawyers will result in an increase in the number of new legal firms created; but these will be one and two man niche operations.
Redundancies will result in lower salaries for lawyers in PQ 1 to 5