Sole practitioners and small firms are struggling due to the pressure of recruitment issues and excessive regulation, the Law Society has warned
Rising professional indemnity premiums, wage inflation and compliance challenges are squeezing margins, Chancery Lane-commissioned research by YouGov found, while 85% of the small firms cited recruitment as their biggest challenge.
The Law Society issued a ‘small firms manifesto’ this week, urging the government to help by providing full funding for solicitor apprenticeships and reducing regulatory costs.
Law Society president Mark Evans said: ‘In rural communities and small towns across England and Wales, sole practitioners and small law firms are there to support people through major life events, from buying a home to setting up a business. Their sustainability isn’t just a legal sector issue, it’s a public interest matter.’
