Banking group’s pledge should make law firms sit up and think
With its commitment to hire 3,000 staff to expand its legal business, Co-op has come out fighting in the race to shake up the UK’s stagnating legal market.
The comparatives are hardly scientific, but top firm Clifford Chance employs 3,200 legal advisers worldwide, so the Co-op’s goal would certainly bring it alongside the big boys in terms of headcount. Of course there’s no suggestion that new entrants are competing with the big firms for corporate clients – these new businesses are aimed firmly at the consumer end of the market – but bringing a trusted brand into a traditionally closed market is still a significant step forward. It’s also interesting that the Co-op will offer training contracts as part of its expansion, as those in particular have been thin on the ground for eager grads in recent years. With its expansion plans the Co-op is becoming a pioneer for change, and its ambition should be applauded.