Firms at all levels operating in the legal services market have entered a period of uncertainty that has led to a sense of insecurity. The reasons are varied but the single biggest factor is financial pressure on firms. This in turn calls for increased vigilance from the regulator, the SRA, which itself is under increasing scrutiny to ensure that consumers receive appropriate protection. Financial pressures arise from the effects of the recession on the economy and legal market over the last five years and manifest themselves in many areas. These include the changes to the costs regime as a result of the Jackson reforms and increased and increasing competition from ABS’s. Merger, as an apparent antidote to these pressures has caused additional financial problems to “successor practices” where due diligence hasn’t been as comprehensive as it might have been. And the cost of suitable PI insurance from reputable insurers who will stay in the market is yet another reason all firms are under pressure.
Advantage Regulation provides comprehensive regulatory advice and assistance on a range of regulatory and management issues for solicitor firms, sole practitioners and ABS’s with access to representation should that become necessary through our close association with Carter Perry Bailey LLP.