Ageing population will change demand for legal services, says 2025 report


Parker: bullish about law firm prospects in property legal services

Parker: bullish about law firm prospects

Britain’s changing demographics will mean a huge shift in demand for legal services, towards managing the wealth and lives of the growing proportion of elderly people in the population, according to a study forecasting legal needs in 2025.

Citizen 2025, a report produced by 11-partner Bristol-based law firm Barcan & Kirby, predicts an ageing population living and working longer, needing enhanced estate planning and employment services. Their children will rent instead of buying property, or buy together with friends.

The report – based on a survey of 2,003 adults by researchers Opinium, and with the help of experts from global consultancy Mercer, south-west mortgage broker Fox Davidson, and Saga Investment Services – said the tax regime would become ever-more complicated, while divorce would continue to rise and the nuclear family decline.

It predicted that a generation of older, economically active workers – which it dubbed “grey go-getters” – would increasingly challenge existing workplace practices and demand flexible working. This could mean more legal work from employers resulted. Barcan’s employment partner, James Bell, said: “Contracts will need to change. While this shift doesn’t need to be a big deal, employers will need to plan for it and ultimately adapt.”

Other legal issues would include the cost of later-life care, said the report, as more retirees started SKI-ing (‘spending the kids’ inheritance’), while a greater number of powers of attorney would be needed as more people suffered dementia in old age. Rising house prices as the population grew, putting pressure on housing, would mean a corresponding growth in the number of different purchasing arrangements, such as friends clubbing together to buy a home.

Meanwhile, rising care home fees could reduce housing mobility, making multi-generational living more common. Equity release could be used increasingly to fund property deposits for the younger generation.

However, the firm’s residential conveyancing partner, Stephen Parker, was bullish about the prospects for competition and law firms in the property sector: “When it comes to legal services, yes, there will be more and more online-only players, but we see little threat from the big profit-driven outfits – such as Tesco – and we don’t see the ‘Uber-isation’ of all legal services by any means.”

Chris Miller, Barcan’s managing partner, was also confident about the future of lawyers: “Relationships between the future generations and lawyers will be different. The younger generation are likely to shop around and are less loyal… [but] I believe there will always be a role for the personal service adviser, although we will need to find new ways of communicating with clients who may want instant responses, whether by social media, or otherwise.”




    Readers Comments

  • Julian says:

    If the firm is vulgar enough to term mature people ‘grey go-getters’ they deserve to fail. Would they describe senior lawyers in this way?

  • Ranjit Bains says:

    It doesn’t matter how old you are, it depends what knowledge and work experience that is most valuable to our society and country.


Leave a Comment

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


How the Oldham community helped my law firm against rioters

On the evening of 7 August, we anxiously watched CCTV footage from outside the building, waiting for the mob. Our blood ran cold when we saw a group of around 150 people approaching.


Essential tips for junior lawyers

Starting out as a junior lawyer can be daunting, with the challenge of balancing the demanding day-to-day responsibilities, honing legal skills, and engaging in profile-raising activities.


What’s your problem? The cause of complaints and how to resolve them

In today’s digital age, where review sites and social media platforms abound, it’s never been easier to vent, and negative feedback can have serious consequences.


Loading animation