The new chair of the City of London Law Society wants to see more lawyers in positions of power and influence, he said this week.

Alasdair Douglas, speaking in his first major interview since taking over the role last month, told the Gazette he is determined to improve the image of the legal profession in England and Wales.

He also voiced scepticism that City firms will be interested in external investment following the introduction of alternative business structures, though he expects this to change over time.

Part of his strategy for CLLS will be campaigning for lawyers to be held in similar regard to their counterparts in the US, Douglas said.

‘Lawyers in America are sitting on the boards of great companies and are heavily represented in Washington.

‘That doesn’t really happen here and what we can do is up the profile of our lawyers. They should provide companies and government not just with legal advice, but with the experience of what they’ve been doing for so many years: they know business, finance, regulation and legislative practice.

'Their skill set can easily transfer into other walks of life.’

Douglas, part of a new administration at the CLLS with David Hobart arriving from the Bar Council as chief executive, says the society faces a number of key issues in promoting London as a centre for law.

As well as ever-present competition from New York, the EU is seeking to introduce a European contract law that could challenge the dominance of English contractual law.

The response of City firms to the recession and the prospect of external investment also pose challenges for firms in the Square Mile.

Douglas, a former senior partner at City firm Travers Smith, added: ‘It’s still pretty tough out there but we’ve come a long way since the depths of 2008. Law is a pretty defiant sector even if times are bad, and the City started to pick up a year ago.

‘These firms are great businesses and they haven’t needed outside capital, but you don’t read about that in the financial papers.’

He added: ‘There will be a significant impact from ABSs, but whether it will be in five months or five years is difficult to say.

‘City of London law firms don’t need capital from outside investors and won’t be interested at first. But in my view there are bound to be some firms over time that look to invest.’