Have you thought of how Legal Services Reforms might impact your firm or chambers?
Brave New World: Impact of the Legal Services Act is an in-depth survey of high-ranking opinion formers from across the English legal profession into the opportunities and threats posed by the forthcoming Legal Services Act bound to get you thinking as at June 2007. The legal profession is on the precipice of its greatest opportunity as a result of this legislation and although it may take some time for the changes to be felt, judging by the findings, the upheaval could be seismic.
Essential reading for every member of the legal profession, Brave New World examines the impact of what has been described as Big Bang for the legal profession. Based on the results of two comprehensive surveys, alongside a detailed analysis of the findings, this report commissioned by LPA Legal Recruitment in conjunction with Intendance Research and published globally by Thomson Sweet & Maxwell outlines the implications presented by the Act for law firms and the Bar.
Results that could surprise you . . .
The majority of respondents believe that High Street lawyers will be drastically affected by the reforms and that although the Bar will not be driven to extinction in the next 10 years, strategic management structures and other novel business practices will need to be introduced in order to take advantage of the opportunities by the Act. There are a number of disincentives for commercial law firms to take advantage of the main provisions of the Act, but the impact of the reforms are likely to be deeply felt even amongst the leading practices. Furthermore, the survey found that nearly half of respondents are interested in adopting an Alternative Business Structure (ABS) and 37% expressed an interest in accessing external capital. It also found that the majority of those surveyed expected that partnership will become the exception rather than the norm for law firms within the next ten years. With the advent of franchises such as Quality Solicitors, is the legal sector's independence under threat?
Leading opinions
The views of a number of respected commentators from both the legal and other professions are also incorporated into the report to help gain a broader appreciation of the results and the Act, such as Fiona Woolf (President of the Law Society), Geoffrey Vos QC (Chairman of the Bar Council), Tony Williams (legal management consultant and former managing partner of Clifford Chance and Anderson Legal), and Professor Stephen Mayson (Director of The College of Law's Legal Services Policy Institute).
If you would like to know more about the strategic advice LPA Legal Recruitment can provide your law firm or chambers or would like to purchase a copy of the report, please contact Steven Horvath, a Director of LPA Legal Recruitment. Alternatively, a survey of our recent interviews and insights into the effect of Legal Services Reforms may be found on our News and Events page.