North West lawyers are responding to the new challenges presented by new regulations being introduced by the Government on 6th October this year, which will allow a wider range of “authorised” organisations (going beyond law firms) to provide legal services. You will soon begin to see a growing number of legal services being offered more directly to the public by the likes of the AA, the Co-op and insurers where they meet the requirements of new regulations that dramatically relax the requirements for involvement of lawyers in the business providing legal services. The good news for consumers is that this is making existing lawyers focus more sharply on how they provide their services and how they can provide better value for money; also that there will be a wider range of options available to choose from. Our own research at Inpractice UK in April shows that almost three-quarters of law firms (74.2%) have been involved in some form of merger or acquisition discussions during the last 12 months confirms; so lawyers now recognise the potential benefits for clients in operating within a larger business themselves; it gives more scope to make better use of resources, which is good for users. But the potential impact of this increased competition for traditional lawyers goes deeper, which could be even better for both members of the public and businesses using legal services. In their “Through the Looking Glass 2011” research, which focuses on what users of legal services think of their lawyers, Winmark report that law firms are also becoming more innovative in many areas of their operations that impact on clients. For example, 33% of clients felt their lawyers were being more innovative on pricing and 25% felt they were more innovative in how they added value to their legal services … but there’s still a long way to go and the pressure is on. For lawyers, the good news is that if they carry these improvements through, they will have a stronger business, with more loyal clients and a better position in their market as a result, even if there is also stronger competition to keep them focused.
If you think your lawyers could make more of their business, please suggest they have a no-obligation discussion or meeting with me. I lead a core team of 12 management consultants working with…
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