Today, the Legal Services Board (LSB) published its latest in a series of ongoing reports evaluating the impacts of the Legal Services Act 2007 (LSA) on the England & Wales legal services sector. Following in the footsteps of earlier reports looking at all the regulatory objectives this analysis focuses on the regulatory objective of “promoting competition in the provision of services in the legal sector”. In it we look at outcomes – what has changed and where – rather than specific actions taken by the regulators.
The conclusions of the report are that:
• just half of firms have grown turnover, but levels of unmet need remain similar for both individuals and small businesses
• new business structures have increased market share over the past three years and are more productive, as measured by turnover per fee earner
• these structures have a higher complaints resolution rate for complaints about service
• publicised innovation is most prominent in new businesses and larger solicitors firms, and
• regulation is still reported to be a significant barrier to innovation and growth.
You can download a copy of the report (it is a 100 page PDF) free 0f charge and red-tape here https://research.legalservicesboard.org.uk/wp-content/media/Changes-in-competition-in-market-segments-REPORT.pdf