A new report released today by Legal Futures in association with Thomson Reuters, examines the changing face of law firms in the City of London. It demonstrates how far City law firms have moved in a relatively short period of time, mainly (but not exclusively) in response to the recession and the demands of their clients.

Many are coming up with a range of tactical and strategic responses to the challenges they face, while a smaller number are rethinking the way they do business and the value and service they provide to clients. Through interviews with leading figures in the City, and a roundtable debate between representatives of the new entrants to the market and traditional big firms, this Special Report shows how innovation is as much a part of the City’s story as it is the rest of the profession’s in the alternative business structures (ABS) era.

Commenting on the release of the report, Sam Steer, head of Large Law at Thomson Reuters, said: “If the changes that have taken place in the legal market over the past two years are any indication of what lies ahead, the future of legal services is set to be an exciting one. It’s clear from this report that firms are taking varying approaches to innovation. Whether they’re reimagining the law entirely or seeking to make tactical efficiency gains, many are partnering with legal solutions providers like Thomson Reuters to help them work differently.”

The report  Innovation in the City: The quiet revolution – is published by Legal Futures in association with Thomson Reuters. It is free to download here.