London, United Kingdom, (24th November 2011) – TheJudge, an established broker in the litigation risk transfer market, comments on the new Legal Services Act’s impact on legal firms.
On Thursday 6th October 2011, the Legal Services Act 2007 finally came into force. It will de-regulate the provision of legal work, so companies that do not offer legal services as their primary business can now undertake legal practice. This has also been dubbed ‘Tesco-law’ because technically supermarkets would now be able to offer legal services and purchasing legal services will now become as simple as shopping for everyday items.
There are significant changes to the rules concerning Incorporation and Alternative Business Structures. For the first time, anyone can own a legal firm, even if they do not have a legal background; which opens up the possibility for private equity backing flotation on the stock market.
As a result of the changes to the Alternative Business Structures regulations, law firms can also add non-legal activities to their practice and become a ‘one-stop shop’ for professional services.
Speaking from TheJudge, Director Matthew Amey commented: “The legal profession’s approach to its business and how services are delivered has remained largely similar for many decades. With the additional reforms proposed in the Legal Aid, Sentencing and Punishment of Offenders Bill, particularly the focus this will give to own costs, ‘Tesco-law’ for individual personal injury claimants could easily become a reality. For corporate clients, the permutations of different services within various sectors that could be offered by the ‘one-stop shop’ are vast.”
For more information on TheJudge’s services, call +44 845 257 6058 or visit http://www.thejudge.co.uk.
With over a decade of experience, TheJudge is the largest and longest-established broker in the litigation risk transfer market. They specialise in hedging litigation costs for their clients by utilising their expertise in After the Event (‘ATE’) litigation insurance, Third Party Funding and various other forms of legal expenses, insurance and financial instruments for all types of litigation. TheJudge is the chosen specialist broker for many of the leading Dispute Resolution and Litigation teams around the world, serving a diverse client base.
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