Another possibility is that the more expensive parts of the process, such as due diligence, could be approached in a different way. Cheffings suggests that the corporate could take on due diligence and make the information available to all bidders. The winning bidder could be asked to foot some of the costs. The more streamlined the process becomes, the less heavily resourced the advisers need to be. This could fundamentally change the market for lawyers and could make the work accessible to more medium-sized firms.
Responses seem overwhelmingly positive.
A first step might be small seminars to swap ideas, although participants are bound to be rather coy about this. After all, deals will be in the offing while the discussions are going on. Attaching a Preps organisation to a well-established industry group might be one way of ensuring participation. Now that Lovells has taken the initiative, let's hope others will rise to the challenge.