For this year's UK Top 50, Legal Week has spoken to law firm leaders across the market for their take on the key trends from 2016-17, as well as their plans for the year ahead. In this Q&A, Osborne Clarke UK managing partner Ray Berg on the factors challenging the status quo, mergers, IPOs and why uncertainty is the only certainty in today's market

How do you view Osborne Clarke's 2016-17? "It was a good year, all in all – we were happy, especially when you see other results. The year had its ups and downs – Brexit, obviously – but we were really pleased. The general trajectory is encouraging."

How have you found the early months of 2017-18 so far? "We have been pretty pleased with activity levels, and the work we have been getting. There was a degree of nervousness around the general election, but we didn't see any impact in the run-up to or following the results.

"My takeaway is that uncertainty is the only certainty there is at the moment. If you cast your mind back to the financial crisis, there was so much uncertainty, which led to corporations not doing anything. That level of uncertainty is now almost a norm, whether for macroeconomic or political events, so corporations have adjusted to operating against that backdrop [and] those kinds of events don't have as big an impact."

How do you think your market rivals have performed? "You can't ignore what other law firms are doing. Mishcons have had another outstanding year; all credit to them.

"It's an interesting time; there are so many challenges to the status quo in so many shapes and forms – a resurgent effort from the US firms, alternative solutions offered by the magic circle, global firms looking to do work they wouldn't have done previously, the accountants coming in, and other alternative providers you wouldn't have thought of as competitors.

"There is no room for complacency, but it is exciting because that change represents opportunity. Obviously everyone goes on about innovation, but the key thing is listening to what your clients want – it's not just the old 'more for less', you need to do something distinctive."

Do you expect to see more law firm mergers in the year ahead? "Any sensible law firm leadership team has, from time to time, got to check in and say: 'Can we achieve what we want to achieve in our strategy as a standalone organisation, or do we need to merge?' A merger on its own can't be a strategy; it needs to be done to achieve specific aims – or for some firms it helps them out of a hole.

"If you look back over 15 years, people have long been saying the mid-market is dead and it will consolidate. The CMS-Nabarro-Olswang deal is really the first big UK mid-market merger in a long time. The likelihood of one of that size happening again is small; I am sure there will be bolt-ons and smaller mergers, but I can't see it accelerating. I think another major tie-up of a UK and US firm is more likely than another mid-market UK merger.

"It would also be interesting if a law firm decided to acquire an alternative legal services provider. A few firms have moved into consultancy – a merger with another law firm is not the only option, so it would be interesting to see if that occurs."

Gateley has been nominated for the Best Use of AIM Award at next month's AIM Awards. What do you think are the prospects for more law firm listings? "The question for me as a punter, rather than as a lawyer, is whether I would invest in a law firm when the goodwill can walk out the door, or invest in an IPO to let the partners take the money off the table?  It will be interesting to see how investors think, particularly if Gateley wins the AIM award… it would be interesting to see if that has a positive impact."