Faced with inflation, a looming recession and increased global regulation, law firms are looking at a lot of uncertainty. Even those still enjoying high demand for their services and basking in the increased profits and revenue they've experienced in the past year know that change is likely on its way. So they are getting ready, taking steps they hope will insulate them from whatever is to come.

There are many ways to prepare for the big changes ahead, but perhaps the most dramatic step a law firm has recently made took place last week in Australia. There, the fast-growing firm Wotten + Kearney, which specializes in insurance law, announced it is selling a 30% stake in the firm to a private equity company.