About:-tailored legal services
The imminent introduction of the tailored legal services Act presents new challenges for high street firms as it enables companies other than solicitors to provide legal services under what is known as an Alternative Business Structure. This means that individuals can visit an ABS for various legal services, such as, wills, probate and conveyancing. Already companies such as Co-op, the AA and Saga have become ABSs in direct competition with the traditional high street solicitors practice.
The problem facing a majority of solicitor's practices is that large companies will clearly have a commercial advantage over the high street legal practice that used to dot every high street. Going forward a well known 'brand' will get custom regardless of the quality of their legal service merely due to their reputation in other areas. They also benefit from economies of scale, so can undercut the prices of smaller high street solicitors and advertise aggressively, knowing that their smaller rivals cannot compete.
In addition, they have the benefit of convenience; why visit a solicitor when you can get a will written while doing the weekly shop? A survey by Yougov has shown that 60% of those surveyed would buy legal services from a known retail brand rather than a local solicitor. This makes the future look very gloomy for the average high street solicitors practice. You only have to glance down a high street to see the lack of independent retailers due to being priced out by large corporate brands. By visiting the same brand for legal services, the legal profession will go the same way.
Tag:-tailored legal services
The imminent introduction of the tailored legal services Act presents new challenges for high street firms as it enables companies other than solicitors to provide legal services under what is known as an Alternative Business Structure. This means that individuals can visit an ABS for various legal services, such as, wills, probate and conveyancing. Already companies such as Co-op, the AA and Saga have become ABSs in direct competition with the traditional high street solicitors practice.
The problem facing a majority of solicitor's practices is that large companies will clearly have a commercial advantage over the high street legal practice that used to dot every high street. Going forward a well known 'brand' will get custom regardless of the quality of their legal service merely due to their reputation in other areas. They also benefit from economies of scale, so can undercut the prices of smaller high street solicitors and advertise aggressively, knowing that their smaller rivals cannot compete.
In addition, they have the benefit of convenience; why visit a solicitor when you can get a will written while doing the weekly shop? A survey by Yougov has shown that 60% of those surveyed would buy legal services from a known retail brand rather than a local solicitor. This makes the future look very gloomy for the average high street solicitors practice. You only have to glance down a high street to see the lack of independent retailers due to being priced out by large corporate brands. By visiting the same brand for legal services, the legal profession will go the same way.
Tag:-tailored legal services
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