Majority of conveyancing firms considering ABS
Over half of conveyancing firms would consider becoming an alternative business structure, according to a survey by Searchflow.
In a survey of 108 firms, 57 per cent are open minded to the prospect although only one in ten believe the Legal Services Act, of which alternative business structures fall under, will actually improve legal services.
Firms in the capital appeared the least amenable to alternative business structures; 80 per cent ruling out such a venture. Practices in the North West were more receptive with 47 per cent open to a move into the ABS arena.
Richard Hinton is the Business Development Director at the property search specialists:
“In terms of the licensing of new forms of legal practice to deliver legal services, the impact of the Legal Services Act has been slow in the year since launch.
“More changes are expected to be felt in the coming months, and more than half of all firms have not ruled out becoming an ABS.
“It was interesting to note that just 20 per cent of central London firms would consider becoming an ABS. Some of them possibly feel there is less incentive for them to do so as they already have alliances and volumes of business that make them feel more protected in comparison to other parts of the country, but this could always change.
“The more immediate issues for solicitors are panel management and the weak property market, although it looks like ABSs will start to have more an impact over time.”
Content correct at time of publication