The Legal Sector Big Bang - Why There May Be Far Reaching Consequences For The Consumer

The new Legal Services Act introduced by Government has been described as the legal equivalent of London's "Big Bang" in 1986, with the deregulation of the financial service markets and the banking system.

The move has been welcomed by some on the basis of improving competition and service levels within the market. However, there are some potential pitfalls that you, the consumer, should be aware of when deciding who to approach for your legal needs.

This brings significant change to the legal industry, as it is the first attempt to bring the entire legal services market under one regulatory framework, departing significantly from the previous structure of the profession. This is achieved through allowing current non-law businesses such as banking, insurance, supermarkets and financial services to offer legal services.

"Off the Shelf" Legal Advice

A big concern for consumers is that legal services from new providers, such as supermarkets, may lead to generic "off the shelf" legal advice, lacking independent thought, which is cost driven and does not take into account the specific needs and wishes of the individual client.

"Lack of Personal Service"

Another point consumers should be aware of when researching potential providers is that some may offer an initial face-to-face appointment, but after that meeting, any...