Do Law Firms need Lawthority?
Our range of services enable them to:
- Plan the future and explore the expansion of their business
- Implement new working practices
- Increase their client base
- Without having to increase their overheads significantly
- Without putting additional pressure on their cash flow
- Maximize the opportunity the UK Legal Sector provides their business
The traditional law firm has had their market disrupted for good. As with any sector, there will always be change however established the sector is. Despite the Legal Sector being valued at £27.8 billion, the unprecedented raft of changes/challenges that have impacted on how a law firm trades, without respite, have left many firms focusing on how to survive in the marketplace as opposed to how they maximise the opportunity such a large market inevitably offers.
In basic terms the challenges are:
Legislative and Regulatory reforms/changes including:
- The Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO) removed legal aid from many types of cases, restricting access to justice.
- Increased regulatory pressure has affected case acquisition and funding by preventing solicitors for paying for case acquisition.
- Provision for the creation of Alternative Business Structures in the Legal Services Act 2007.
- Restrictions on fees.
- Changes in lending criteria by traditional lenders.
- Both affecting the profitability and cash flow.
- The client expects ‘no win, no fee’ putting further pressure on cash flow.
- Consumer awareness has increased competition and has resulted in clients wanting better value for money and better customer service.
By engaging with Lawthority, the law firm has created the time, engaged the expertise and ‘plugged in’ the resource they need to evaluate, determine and operate in the legal sector going forward.
Never done or known before: The unprecedented challenges to the legal sector have created an excellent opportunity for a forward thinking Ancillary Services provider.