Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
By Nick Hood
When the Legal Services Act 2007 was enacted, it’s doubtful that its sponsors could have foreseen a Cyprus-based construction consulting firm embracing the concept to enhance its international credibility. Nor would they have anticipated it bringing together Bucks County Council & the Bucks Fire Authority as law services providers.
These are just two of the most recent developments in this extraordinary phenomenon, which has previously seen such diverse new players as the transport company Stobarts, the Co-Op, a Nordic family wealth management office, the legal textbooks co Jordans, the outsourcing giant Capita and the insurers Direct Line enter the legal market.
The original imperative for this radical change to the fusty collegiate world of lawyers owed much to the need to facilitate the introduction of external capital and with it, the sort of management expertise that might propel the profession into 21st century. It was also an envious nod to the success of accounting firms in becoming proper businesses, in which the gross habits of the partners no longer constrain the net income of the firm.
The Solicitors Regulation Authority has now issued well over 200 ABS licences in the two years or so since the legislation came into force. Most have got off to good starts, although a premature stock market listing may have been behind the
Free trials are only available to individuals based in the UK
* denotes a required field
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial. See our full terms here.
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Nick Hood is a Director of the legal costs firm, Kain Knight. He is a
Chartered Accountant and also an insolvency practitioner with the
Begbies Traynor Group, as well as a business risk analyst for corporate
health monitoring experts, Company Watch.
Email: firstname.lastname@example.org Tel: +44 (0)7967 658 296
0330 161 1234