Holistic, quality legal services need to be protected, says Stephen Allen
The beleaguered high street or niche firm has endured the arrival of referral fees, the complication and ultimate income impacts of graduated fees and is now feeling the pain of the impact of the credit crunch. It has never been harder for the small to medium law firm to stand its ground in the increasingly competitive environment which has seen new media, new technology and new regulation adding to the cost of the average solicitor plying their trade.
Very shortly, the full impact of the Legal Services Act 2007 will see the injection of capital from outside investors, which the government hopes will increase funds for the development of technological systems and processes and improve the quality and choice of legal services offered to consumers. So, is this good news for the small to medium size law firm? Will the entry into the market of private equity firms offer a much needed cash injection?
Are the vultures circling?
Private equity firms have endured a pretty torrid time recently. While the analogy of the
