Probate practitioners need a reality check, says Celia Fraser
Solicitors specialising in probate work may have suffered a few sleepless nights over recent years. The potential significant threat to their instruction levels from new market entrants presaged a deluge of competition. This onslaught has apparently yet to materialise to game-changing effect, with the number of solicitor applications for grants of probate remaining fairly static.
However, what has been a slow stream of alternative probate offerings may soon gather momentum. Not least because of the recent finalisation of legislation which will allow the Institute of Chartered Accountants in England and Wales (ICAEW) to position their members on a more equal footing to solicitors in this field. According to the ICAEW, around 250 accountancy firms have already registered an interest in accreditation.
This, alongside other more unregulated services and the continually high numbers of individuals handling probate themselves must be important factors behind The Law Society’s current high-profile advertising spend on promoting the benefits of using its members. Even if they aren’t feeling the full pressures yet, they are sensibly taking the initiative in trying to future-proof their
