Solicitors will have to battle it out with banks, supermarkets and insurance companies for legal business from Q4 next year, leading some to suggest they will be more eager to link up with financial advice firms.
According to SIFA, the Legal Services Act's Alternative Business Structures (ABS), which the Government comfirmed will come into force on 6 October next year, means solictiors will "have to be more receptive to dealing with IFAs". The ABS part of the Act - branded the 'Tesco Law' and the 'solicitors' RDR' - will open the "closed shop" of legal services to other providers such as banks and supermarkets. Law makers hope the move will broaden consumer access to legal services, but law professionals argue it could lead to a 30% reduction in the number of practicing law firms. SIFA says...
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