Today, the Law Society publishes 'The Future of Legal Services', a report which brings together new and existing evidence to identify the key drivers for change, together with the opportunities and potential threats, in the legal services market over the next five years.
Law Society chief executive Catherine Dixon said: 'Individuals and businesses seek and depend on excellent, affordable legal advice at critical times. Solicitors are innovators and are responding to changes in a highly competitive legal services market. With the upcoming Competition and Markets Authority study of the legal services market and the government’s consultations on opening up the market to more alternative business structures (ABS) and the separation of the legal services regulators from legal professional bodies, it is timely to look at the factors driving change to stimulate debate among solicitors as they plan and prepare for the future.'
The five key drivers are: 1. Global and national economic business environments. 2. How the public and corporate clients buy legal services. 3. Technological and process innovation. 4. New entrants and types of competition. 5. Wider political agendas around funding, regulation and the principles of access to justice.