A Loughborough-based financial advisory firm is one of the first to consider moving into legal services following changes to the Legal Services Act made in January this year.
The company, Chesterton House, is able to consider the move because of its recently increased scale combined with the introduction of a clause to the Act which enables non-legal firms to offer legal services to their clients, according to director Andy Jervis.
Jervis explained that the company, which currently employs six registered individuals, was seriously exploring the possibility of developing a legal services business as a way of extending its proposition.
He added: "Estate planning, in the form of dealing with wills and trusts is a significant part of our business and offering legal help in these areas would make our services more holistic. We would look to offer this service to our existing 300 clients.
"It just so happens that the Legal Services Act has coincided with a recent increase in our client base meaning that this would be a viable additional service for us. The key thing for us now is finding the right staff to enable the move."
Another obstacle may be the regulatory burden faced by the legal profession in the form of the Solicitors Regulation Authority (SRA), according to Jervis.
He added: "Although there have always been joint ventures between accountants and advisers, we are not aware of any other advisory firms that have set up as legal services firms."
Reasons to be cheerful
Total investment reaches £9m
Medium to long-term capital growth