Research shows shake-up in legal business community
A quarter of law firms are changing strategy in response to the Legal Services Act 2007, new research shows.
The research paper, Legal Innovation 2013, published this week, charts the shake-up of the legal business community since the Act liberalised the market and introduced alternative business structures.
It reveals a rise in the number of law firms expecting to change strategy, and records a drop in the number of law firms which believe their business will benefit positively from the Act: 14% predict a positive impact, compared with 21% in 2010.
It looks at the options available for law firms, at stumbling blocks to seeking external investment, and at new entrants to the legal services market such as Brilliant Law and Riverview Law.
George Bull, chair of Baker Tilly’s professional practices group, says: “The realisation that change will be necessary appears to be steadily growing.
“Regulatory change has been most pronounced in connection with personal injury work...Long-term success for providers of retail legal services will depend on building a lifelong relationship with clients.”
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