• March 29, 2024
 Will law firms be ready if customers start to ‘shop around’ for legal services?

Will law firms be ready if customers start to ‘shop around’ for legal services?

According to a report from the Legal Services Consumer Panel, the proportion of consumers comparing legal service providers remains unchanged year-on-year at 27%. This proportion drops even lower in certain areas of law, such as probate (16%) and personal injury (14%).

The much-publicised intention to force law firms to publish their prices on their websites – and also to possibly include reviews from clients – originated with the Competition and Markets Authority back in 2016. Since then a number of price comparison websites have sprung up. Take up of these services however would appear to be low so far with the consumer panel report saying that these sites remain ‘largely unused or opaque’.

Sarah Chambers, chair of the Legal Services Consumer Panel, said: “It remains a concern that seven out of 10 consumers do not shop around in the legal services market. ‘This needs to change if the vision of empowered consumers stimulating competition is to be achieved.”

Legal Eye MD Paul Saunders said: “Now that the Legal Services Board (LSB) has granted the Solicitors Regulation Authority’s (SRA) application to introduce new transparency rules in full with a deadline of 1 December; law firms need to be alive to forthcoming guidance from the SRA and the Law Society as to what information they will need to make available on their websites and how prices should be presented.”

The rules require firms to publish more information on their websites about price, service and regulatory matters and will come in to force in December 2018.

The SRA has said it will issue guidance on how to comply with the requirements in the coming weeks. Paul Saunders said: “The SRA and Law Society will be issuing guidance and developing resources to help support firms in responding to the changes during the Autumn. This guidance will be critical in understanding how the requirements will be adopted practically by law firms.

Legal Eye will be keeping a close eye on developments in the coming weeks and working with our clients to ensure full compliance whilst also taking into account the commercial implications for the firm.”

Legal Eye is offering one-to-one guidance to firms around implementing the price transparency changes. Register your interest in this service by emailing or enquiring here. We’ll send you details of further guidance as it is issued and further information about how Legal Eye might be able to assist as the situation develops.

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Legal Eye

http://www.legal-eye.co.uk

Legal Eye works with law firms to ensure compliance and optimise performance. Their extensive and thorough knowledge of the law and regulations will ensure your law firm is compliant and your processes sound. Files are audited to ensure you are not only complying with the service level agreements you have in place, but very importantly, also the code of conduct.
They provide a documented audit trail which is firstly, a requirement of the code of conduct and secondly, essential for PI Insurance purposes and very often for CQS, Lexcel and other quality accreditations. This provides documented evidence of a proactive approach towards risk management. The advice they offer is clear and practical, and they pride themselves on exceptional customer service and unbeatable work quality. Services include:
  • Specialist expertise across the full range of regulatory, risk and compliance issues to inform your internal decision making.
  • Additional qualified resource where you simply do not have the time to review your regulatory position or to carry out essential ongoing tasks such as file reviews.
  • An online risk hub –  an online resource centre for law firms. The hub provides a comprehensive bank of resources to help COLPs, COFAs, partners, directors and managers to manage risk. It includes precedent policy and procedure documents and templates, access to online training on a range of risk and compliance topics, and a range of useful materials such as ‘how to’ guides, short videos and articles.
  • Drafting and review of key policies and procedures including the supply of ‘document packs’ to save you time researching and writing documentation.
  • Expert advice on how to comply with up-to-date regulation including the very latest requirements complete with a written set of recommendations.
  • Specialist outsourced complaints  handling service provided by former SRA and LeO officers.
  • Gap analysis of your firm’s policies, processes and procedures as they relate to the Solicitors Accounts Rules (SAR) including the production of a written report summarising the strengths and weaknesses of the current arrangements and detailing recommended next steps and actions to put your firm in an even stronger position.
  • Training on SAR and on anti money laundering (AML) as well as other finance-related training which can be delivered virtually for your firm, face-to-face (subject to government guidance) or online via Legal Eye’s Training Academy.
  • A Standard Procedures Manual to provide a practical and comprehensive roadmap for firms to follow when looking to double check whether the current operating procedures are fit for purpose, setting up a new firm – or arm of a firm – or starting a new finance function from scratch.
  • Experienced advice and support for one-off projects such as achieving quality accreditations or switching regulators.
  • Proven high quality training for fee earners and staff held at your office/s covering essential risk topics such as  Anti Money Laundering, data  protection, cybercrime, conflict of  interest and more.
  • Online training from The Legal Eye Academy – core modules available to all staff at their convenience. Includes built-in auto reminder functionality so that you no longer have to chase staff indi-vidually to complete important training. Your package includes free updates to ensure knowledge is always up to date.
  • Added value updates by email to all your key people covering all the latest updates on risk and compliance.
The Legal Eye team includes former solicitors, partners and directors in law firms; former case handlers at regulators such as the Solicitors Regulation Authority and the Legal Ombudsman and experienced risk and compliance professionals. Contact: Paul Saunders Tel: 0203 0512 049 Email:  bestpractice@legal-eye.co.uk Address The Old Grammar School Church Road Thame Oxfordshire OX9 3AJ