The impact of the Legal Services Act on law firms presents a prime opportunity for advisers to expand their business. Ian Muirhead, director at SIFA Professional Services, takes a look at the benefits and the different ways to join forces with the industry...
It has long been anticipated that some law firms would not survive the dual threat posed by the recession and the entry of new competitors into the legal services market as a result of the Legal Services Act. These predictions are now being fulfilled, as an alarming number of regional law firms go out of business. The Solicitors Regulation Authority (SRA) is urging struggling firms to establish contingency plans for insolvency, having intervened at 30 businesses in 2012 and identifying a further 56 firms in which it may need to take action to protect clients’ interests. Specific reaso...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
