The growth capital fund which became the first external investor in a high street law firm last week has said it will consider investing in other legal practices.
The number of qualified solicitors in private practice fell last year for the first time since records began. A new legal service market assessment by the Law Society also warned that that a small number of successful ABSs could radically reshape the market for high street legal services.
QualitySolicitors this week launches its public attack on ‘faceless’ legal advice provided by new entrants to the legal market and national law firms, with a series of posters across 1,000 billboard and poster sites.
A Mayfair-based private client firm that has close links to a wealth manager and a personal injury practice that is diversifying into other areas of law have become the first new alternative business structures in nearly a month.
A common trope on this website and elsewhere is that alternative business structures and all the other changes in the legal market will hit the traditional high street law firm hard. In saying this, there is an implication that a reduction in the number of solicitors on high streets is a bad thing. This is a shaky assumption – if everything was shipshape, I don’t suppose so many non-lawyers would be eying up the market. For one thing, quantity does not equal quality – better one efficient, accessible law firm down the road than three inefficient, inaccessible practices.
The largest multi-office practice in the country has set its sights on establishing a national high street presence, possibly with the aid of external investment, after a period of significant growth, Legal Futures can reveal.
Law firms and other legal providers that offer consumers fixed fees “are likely to have a clear competitive advantage” over those that bill by the hour, new research has shown. It also forecasts that the legal market will grow this year, mainly thanks to larger law firms, with smaller ones struggling.
Solicitors urged to join Portas drive to save the high street with the Co-op set for massive expansion
Solicitors should get involved in Mary Portas’s plans to revive the high street – especially with the looming prospect of a massive increase in the Co-op’s ability to provide face-to-face legal advice, a law firm group has said.
The Legal Services Board is joining forces with the Ministry of Justice and the Law Society to ask 2,000 high street law firms how ready they are for the introduction of alternative business structures. It will form part of what is likely to be the largest ever survey of high street legal provision.
HighStreetLawyer.com (HSL) has added five new firms to its nascent national legal network after its successful pilot phase, Legal Futures can reveal. HSL is also relaunching its website today as part of the ambition of founder Gary Yantin to reach 100 branches by the end of 2012.