With conveyancers being pressured on every side, Allan Carton of inpractice has reminded firms about the opportunities that will arise over the coming months from providing services that aren’t legal but are linked to the legal services sector.
Explaining that the number of law firms providing in-house financial services in England and Wales has dwindled to fewer than 50, and there are a similar number in Scotland. He points out that the main reasons for this decline are as follows:
Allan points out that the Legal Services Act is causing firms to consider ways of developing their client proposition in anticipation of increased competition, and there is widespread interest in developing business relationships with firms of financial advisers.
– Joint ventures, in the form of jointly-owned companies or LLPs which are managed by the financial advisers, who also assume responsibility for FSA compliance, and from which the solicitors are able to draw a dividend provided that the JV is fee-based.
Whilst Allan and inpractice advise firms on joint ventures with IFAs it is clear that there are many ways in which the market will continue to develop and evolve as ownership rules change.