Is there a future for the probate practitioner? asks Linda Packard
Probate is becoming an overcrowded market. There are many new entrants into legal services and in particular this sector of the market. These new “Tesco Law” competitors are expected to use their branding, existing channels to the retail market, IT capabilities and economies of scale to take significant market share away not only from small high street law firms but also the regional players. It is expected that in the wake of the current credit crisis up to 3,000 firms will have disappeared.
Trust corporations, traditionally owned by the banks have been around for a long time. New entrants are using this structure combined with, in most cases a powerful consumer brand to enter the market. These commercially astute entrants see this market as a site and with the muscle of corporate financing and support, start trading with a “white sheet of paper” and most importantly no embedded attitudes to delivering the service. This gives them the opportunity to introduce new working methods and pricing structures, which are not only in
