I was pleased to be quoted this month in “20 things for solicitors to look out for in 2026” by the Law Society Gazette.
Disruption, private equity and transformational change always sound more exciting. They make good headlines and attract attention. But the reality of the law firm M&A market as we head into 2026 is far more grounded.
As I noted in the Gazette, of the 160+ law firm transactions completed last year, only around 14 involved private equity. That alone underlines how limited its overall penetration remains.
This is not to say that external capital will disappear from the market. We are likely to see more transactions involving larger firms and minority — often undisclosed — stakes from private equity or other investors. But these will continue to be the exception, not the rule.
The real engine of the market remains firms below £5m in revenue. They continue to attract strong buyer interest and account for a significant proportion of completed deals. This is where activity is sustained, practical and highly transactional.
Talk of large, PE-backed or highly disruptive transactions may dominate commentary. For most law firms, however, it remains largely la-la land.
Forgive me for saying it, but the so-called “boring” deals — pragmatic mergers and acquisitions driven by succession planning, cultural alignment and long-term stability — are where the real action continues to be.
Perhaps I am becoming boring too. But experience in this market suggests that the deals which actually complete, create value and endure are rarely the ones making the loudest noise.
For 2026, steady, disciplined M&A — not disruption — remains the defining theme.
Data referenced fromMomentum: The Year the Legal Market Re-Engineered Itself, our subscription-only deal data and insight service, available from 31 January.