Big bang in the legal profession “Tesco Law” |
The connection with legal services may not be immediately clear. But in the past few years ‘Tesco law’ has become a slang term to sum up the potential consequences – either dreaded or eagerly hoped for, depending on your point of view – of the Legal Services Act 2007 (LSA).
What does it all mean? Legal services which can be commoditised will be commoditised; wills, divorce, conveyances, trusts, Powers of Attorney. There will be a radical change to the way services are delivered with the introduction of innovative service packaging, pricing and delivery – giving the customer what they want, at a price they can afford and when they want it 24/7/365. New Players enter a £20 billion sector! These will include well known high street retailers such as Tesco and Sainsbury who already sell financial and insurance services and they will be joined by others such as the AA, RAC. It will also lead to the development of branded legal firms and a new business entity that will allow one stop shopping as other professional services businesses are allow to merge or acquire legal firms. What is the impact on existing legal practices? A recent Which survey estimates that “75% of consumers would buy legal services from banks/ supermarkets” and it has been estimated that impact of the LSA will lead to more than 30% of law firms will go out of business. So the answer is its going to be dramatic! Survival of the fittest! The key too is to embrace change and be innovative, otherwise you become a dinosaur and we know what happened to them! Given we have worked for a number of legal practices it will be challenge for many to adjust to the radically new environment. New Mindset Business Consultants helps companies to improve their sales, marketing, commercial and operations, working with companies in many different sectors. If you would like an informal discussion about how we can help your business either call 01276 537 282 or email andy.hamer@nmsbusinessconsultants.com. If you want more information on our services and the team visit www.nmsbusinessconsultants.com |
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