Why wait until October?

What is interesting about recent moves such as the creation of In-Deed and the launch of Panone's stand alone white label division, Affinity Solutions, is that these have all happened before 6th October 2011 - in other words before the 'Big Bang' date for legal services.   

A year ago all the talk was about who would be the first-movers in the ABS market.  What the last year has shown is that it has been possible to come up with innovative ideas and structures within the existing regulatory environment, without having to wait for the new, more flexible regime.  Of course some of the recent developments have taken place in anticipation of the changes, in that they wll be looking to take advantage of the opportunities under the Legal Services Act once ABSs are authorised.  This includes In-Deed, the new online conveyancing service launched by the founder of property website Rightmove, which has stated that some of the money it raises from its intended AIM float could be used to help panel firms that need to invest in training, technology and customer service.  Other recent developments have taken place in response to the changes provided for the in the Legal Services Act - I would include in this Quality Solicitors, with its emphasis on the quality and professionalism that clients (or should that be consumers) will be getting. 

In fact there has been so much activity in the market that one almost wonders why the profession needed the Legal Services Act to galvanise it into action.  An even more interesting question is the extent to which these moves are motivated by the upcoming regulatory changes, as opposed to the other market pressures which are so widely commented on, for example: the pressure on fees stemming from the strained economic environment; the rise of legal process outsourcers and legal publishers; the increased demands for improved client service and online capabilities from the younger generations; and so on.  Whatever the case, when you distil down what has been happening, it's quite an eye-opener.  Look at this brief list of what new themes have been emerging:

• national networks, both non-branded (such as GetSolicitors) and branded (such as Quality Solicitors);
• online legal advice portals (such as Expert Answers);
• referral services (such as Bid4Fees);
• find a lawyer websites; and
• the comparison websites (such as Wigster, LegalCompare.com).

Whatever your views might be on these developments, there is no doubting that the last year or so has seen significant moves in the industry.  

Breakthrough thinking for lawyers

There are so many challenges facing law firms at the moment that it can be hard to know where to start.  Significant regulatory change, the threat of new competition and ways of working, continued pressure on fees, the rise of online legal advice, the continued bank squeeze on overdraft arrangements……………..the list goes on.  Most firms are focusing on ways of differentiating themselves from the competition, but how can this be done effectively and how can firms be sure they are going down the correct route?  At an individual level, what new skills should lawyers be learning in order to succeed in the new legal market?

This is where the Insights Shed can help.  Both on an individual level, and at the strategic firm level, the Insights Shed can introduce lawyers to a series of processes, tools and insights which represent breakthrough thinking for the legal market.   These are aimed both at increasing the effectiveness and skills-base of lawyers and at helping law firms and in-house teams meet the challenges of the new legal world in a creative and optimal way.  Have a look at the website http://www.theinsightsshed.com/use-us/legal-market/#information and see what you think. 

First ABS regulator announced

So the Council for Licensed Conveyancers (CLC) have become the first licensing authority for alternative business structures (ABSs). This is despite concerns over both the limited nature of CLC's experience and the lack of clarity on the CLC's separate business rules. 

With the Bar Standards Board having recently taken the decision that it will regulate advocacy focused ABSs (albeit with restrictions in place meaning that they will be very different entitities from other ABSs), and the SRA having obtained the 'yes' vote needed to clear the way for their application to become an ABS licensing authority, things are definitely moving on. 

However, there is doubt about the start date of 6th October.  There is a lot of work still be done, and parliamentary steps to be taken.  Justice Minister Jonathan Djanogly refused to confirm that ABSs will start on this date when questioned at a recent Legal Week forum, and Legal Services Board Chairman David Edmonds apparently sent out the same message at a recent Legal Futures Conference.  The SRA are still working on their ABS application documentation and one suspects that in order to be anywhere near ready to accept ABS applications by 6th August will take a herculean effort.