On October 6 this year a change in the law will deregulate the legal industry. The Legal Services Act, dubbed ‘Tesco Law’, is expected to transform the UK market, currently worth in excess of £20bn. Non-law firms will be able to provide legal services to the general public for the first time, and both the Co-operative and WHSmith have already announced intentions to pursue this.
The act also means that legal practices will be able to gain external investment and list on the stock exchange, as well as the approval of non-lawyers as shareholders. Financing of this nature will likely result in a raft of acquisitions as firms look to expand and consolidate, particularly as competition increases on the high street.
As a profession that’s notorious for its modest approach to marketing, the Legal Services Act is forcing law firms to reassess brand strategy, creating new opportunities for agencies that haven't traditionally worked in the sector. For their perspective on the impact of the Act, Pearlfinders has spoken to both legal practices and the retailers looking to launch into the market.