Legal Services Act: Impact on the UK Market

UK legal services market is going to witness a complete transformation as Legal services Act 2007 came fully into place in October 2011. The Act aims to bring innovation in an old-school traditional industry which was long ripe for change; providing a regulatory frame-work that increasing competition, improving public access to justice, and protecting consumersï¾Ãƒâ€šÃ‚Æ’?? interests. All these converge to one simple motive: low cost high value legal services for the society. But could this prove to be a double edged sword with lesser emphasis on regulating Alternative business structures? Itï¾Ãƒâ€šÃ‚Æ’??s true without trial flaws wonï¾Ãƒâ€šÃ‚Æ’??t surface out, but how costly the changes could be to the already reeling economy? One thing is for sure, the Big law firms will be threatened by these changes and new alternative strategies need to come fast to keep pace with it, otherwise they will soon find them-selves into a situation of Change or Break down. But challenges can also bring greater opportunities though uncertainty about future prevails; time will only tell which side the balance tilts for law firms as the change wave sweeps through the legal sector in UK.