Legal Services Act
The Legal Services Act (LSA) has changed the way in which legal services in England and Wales are regulated and puts the consumer at the heart of the regulatory framework.
The changes also break the monopoly that solicitors, barristers and licensed conveyancers have traditionally exerted over the provision of certain legal services known as "reserved activities" and permits non-lawyers to enter the market. This has the potential to increase competition, improve customer service and reduce prices.
The LSA allows for the creation of what are termed Alternative Business Structures (ABS's), which can combine the skills of a variety of professionals including lawyers, as well as non-legal businesses such as banking, insurance and financial services. Through this new legislation the Government is encouraging the development of one-stop shops which deliver packages of legal and other services that better meet the needs of consumers and provide greater convenience of access.
The opportunities
At the heart of the regulatory objectives of the LSA is the consumer. In addition to protecting and promoting the interests of consumers, the Act aims to improve access to justice by "encouraging an independent, strong, diverse and effective legal profession" and "promoting competition in the provision of services". The opportunities presented by these objectives to potential and current suppliers of legal services are numerous. In order to maximise these opportunities, however, providers will need to be innovative, using new technologies to deliver services to clients in a more efficient, convenient and affordable way.
For many, internet delivery and document automation will provide the key to benefiting from the LSA. Indeed, a number of forward-thinking law firms and financial institutions are already deploying these technologies through Epoq, achieving internal efficiencies whilst meeting client demand for ease of access and affordability of legal services.
Visit Our clients page to learn more about some of them.
