The Government is due to commence pushing the Legal Services Bill through next month and one of its main intentions is that, by the end of 2008, non-lawyers will be able to have ownership of a Law Firm.
Regulated buyers which will likely include, surveyors, accountants and , actuaries will to start with be allowed a small share of ownership in a Law Firm to begin with, but in time the plan is to allow anyone to be able to buy a law firm. Is this a good thing or a bad thing?
Many firms think that it is a good thing and in actual fact have already been preparing themselves for a sale when the reforms take place.
Other law firms are frightened by the prospects of allowing non-lawyers to the market.
Personally, I am more interested in knowing whether you guys think it’s a good thing or a bad thing for consumers?
Until now, you’ve had to be a solicitor to own a stake in a law firm, and the Goverment believes that this limitation stifles competition.
On the otherhand many Solicitors believe retaining Solicitor ownership of a Law firm retains not only the integrity of the firm but also the law and allows us to retain what is genuinely regarded as one of the best legal systems in the world.
Should Solicitors been seen as being different to any other business or service provider?
Is a Law Firm the same as any other business?
Do you really want to be getting legal advice along with your Baked Beans from your local Tesco?
Let me know your thoughts ?
You may think it doesn’t concern you but the Legal Service Bill will radically change how you purchase legal services in this Country – it could mean that Tesco’s of this world with all there financial backing and marketing clout run traditional law firms down the pan!
Then it may be a case of we never said anything when they came for the local shop keepers, we never said anything when they came for the Estate Agents and will there be anybody left when they come for you….A bit dramatic but you get my point..