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Legal Services Board. Robert Cross. Legal services in England and Wales. Headline numbers. £ 26.8BN $41.7BN. 320,000 WORKERS. 165,000 LAWYERS. 11,500 FIRMS. 190 ABS. Why?. Legal services reform. Office of Fair Trading – Competition in Professions 2001

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Legal services board

Legal Services Board

  • Robert Cross


Legal services in england and wales

Legal services in England and Wales

  • Headline numbers


Legal services board

£26.8BN

$41.7BN


Legal services board

320,000WORKERS


Legal services board

165,000LAWYERS


Legal services board

11,500FIRMS


Legal services board

190 ABS


Legal services reform

Why?

Legal services reform


Legal services board

Office of Fair Trading – Competition in Professions 2001

Clementi Review 2004 - Regulation outdated, inflexible, over complex, lacking accountability and transparency –

No independence in complaint handling

Lack of innovation

Technology

Falling public trust in professions

Economic pressures

Unmet need

Why?


Unmet need

Good article: http://lexislegalintelligence.co.uk/intelligence/blawg/2013/07/gain-your-clients-trust-its-time-to-use-price-tags/

Unmet need?


Legal services act 2007

Legal Services Act 2007

  • Regulation in numbers


Legal services board

Approved Regulators


Legal services board

LSB Board members


Legal services board

Regulatory Objectives


Legal services board

Independent Regulators


Legal services board

Reserved Legal Activities


Legal services board

Better regulation principles


Legal services board

Elements of legal services regulation


Legal services board

LSB Priorities


Legal services board

Licensing authorities


Legal services board

Oversight regulator


Legal services board

Current regulation of legal services

Ministry of Justice

Office of Fair Trading

European law

Legal Services Board

Consumer Law

Case law

Trading standards

Master of the Faculties

CLSB

Consumer Bodies

Competition Law

Approved Regulators

CLC

IP RB

Empowered consumers e.g. Large corporate

Professional bodies/trade associations

ILEX PS

SRA

BSB

Custom & Practice

Media

Other regulators e.g. FSA, ACCA etc.


The lsb the story so far

The LSB the story so far....

  • The first three years....

    • Liberalising ownership through alternative business structures

    • Establishing an independent Legal Ombudsman

    • Separation of regulation within professional bodies

  • The current priorities....

    • Improving and assuring performance of legal regulators

    • Simplification of regulation to support growth

    • Better consumer protection where needed


Alternative business structures

Alternative Business Structures

  • The first twenty months or so


New entrants and new capital

New entrants and new capital


New innovation in existing regulatory model

New innovation in existing regulatory model


Innovation outside regulation

Innovation outside regulation


Challenges and opportunities

Challenges and opportunities

  • Opportunities

    • Significant unmet legal need

      • Only 49% of individuals seek advice and only 18% from a solicitor

      • Only 29% of small businesses seek advice and only 12% from a solicitor

  • Transparency of costs and their ability to judge value for money was the reason for the reluctance to seek advice

  • Challenges

    • Competition - from outside as well as inside regulation

    • Economic difficulties – making new and old models work

    • Political changes - Legal Aid and personal injury

    • Consumer demands


  • Conclusions

    Conclusions

    • LSB is a small, ambitious organisation with potentially a short lifespan

    • The Legal Services Act 2007 has led to a significant drive to reform the legal services market in England and Wales

    • Significant reforms have already been introduced – independent regulation and Alternative Business Structures

    • The next phase of work is challenging but could significantly improve the market for legal firms and consumers


    Thank you and questions

    Thank you and questions

    • research.legalservicesboard.org.uk


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