The government’s consultation on universities reform, published in November, in which plans are revealed to enable competition in the sector, may hold clues to its hopes and expectations for the legal profession. Much of the language of the green paper is about “removing barriers” to competition in higher education, similar to that used in November by the Chancellor of the Exchequer when he promised a consultation on boosting competition in the legal services sector, due to take place this spring.

The European Union’s Fourth Anti-Money Laundering Directive will become law in the UK next year. It includes some fundamental changes to the anti-money laundering procedures at law firms, including changes to customer due diligence, a central register for beneficial owners and a focus on risk assessments. However, with proper preparation and training, the transition to the new regime should be seamless for most firms.

The digitisation of our legal system must be viewed as more than merely a cost-saving exercise. Access to justice is vital, but it is important that reform is not just about increasing access to justice by providing a cheap alternative. Digitisation of the highest quality should be an end in itself. A recurring theme of the recent Briggs report is that the traditional system of justice, as given by judges in open court, is to be preferred and preserved, if possible. The report refers in terms to the much-loved oral system. The possible drawbacks of our traditional system of open court justice administered by a judge are not fully addressed.

It is not a massive exaggeration to say that the Law Society will be fighting for its existence in the months to come. The government’s intention to make the Solicitors Regulation Authority entirely independent from the society will inevitably raise the question of whether what will then be purely a representative body should still be able to take a slice of the fees that solicitors pay for regulation.

During recent weeks, there have been conflicting opinions on bank borrowing, particularly as it affects professional firms. One piece of advice, aimed primarily at law firms, expounded the view that firms which did not borrow more while interest rates were so low would be exhibiting behaviour ‘almost bordering on professional negligence’. By contrast, with comments directed at a broader market, portfolio managers want companies to pay off debt instead of paying large dividends to shareholders.