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Have you thought of how the Legal Services Act might impact the legal profession? Brave New World: Impact of the Legal Services Act is an in-depth survey of high-ranking opinion formers from across the English legal profession into the opportunities and threats posed by the forthcoming Legal Services Act that is bound to get you thinking. The legal profession faces its greatest challenge as a result of this legislation and although it may take some time for the changes to be felt, judging by the findings, the upheaval could be seismic.
Essential reading for every member of the legal profession, Brave New World examines the impact of what has been described as Big Bang for the legal profession. Based on the results of two comprehensive surveys, alongside a detailed analysis of the findings, this report by Thomson Sweet & Maxwell and Intendance Research outlines the implications presented by the Act for High Street and commercial firms, and for members of the Bar.
Results that could surprise you The majority of respondents believe that High Street lawyers will be drastically affected by the reforms and that although the Bar will not be driven to extinction in the next 10 years, it will not survive in the shape it is now. There are a number of disincentives for commercial law firms to take advantage of the main provisions of the Act, but the impact of the reforms is still likely to be deeply felt even amongst the leading practices. Furthermore, the survey found that nearly half of respondents are interested in adopting an ABS and 37% expressed an interest in accessing external capital. It also found that the majority of those surveyed expected that partnership will become the exception rather than the norm for law firms within the next ten years.