Law firms remain unconvinced by the impact of the Legal Services Act

Law firms remain unconvinced by the impact of the Legal Services Act

One year on and less than 10% of solicitors think the Legal Services Act will do anything to improve clients’ ability to access high quality conveyancing services, according to a national survey of legal firms by property search provider SearchFlow.
However, at the same time more than half (57%) of firms admit they would consider becoming an ABS or are still undecided, with just 43% saying they’ve ruled it out.
Regionally, 43% of firms in the North West said they would possibly consider becoming an ABS, with central London firms the least likely to be considering becoming an ABS (80%). Nevertheless, when looking at how firms are planning to adapt to the arrival of ABSs, 23% of London firms are planning to increase their marketing spend compared to 15% nationally. Overall, 12% of firms are now planning to change their practice areas and 10% are expecting to begin to offer fixed fees.
While 14% of firms believe that in the next year the increased competition from ABSs is the greatest threat to conveyancing, 28% thought the main threat would come from lender’s panel selection decisions (28%).
Richard Hinton, Business Development Director at SearchFlow, said:
“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 12 months, and more than half of all firms have not ruled out becoming an ABS.
“It was interesting to note that just 20% 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.”

SearchFlow

http://www.searchflow.co.uk

www.searchflow.co.uk

SearchFlow is the UK’s largest provider of legal due diligence data for residential and commercial property transactions. Since its formation, it has supported over 5,000,000 instructions and delivered 26,000,000 searches; this equates to around 1 in every 4 property transactions in the UK.

SearchFlow recognises that proactively supporting each client’s journey is vital to delivering the right due diligence insights, searches, data, surveys and insurance for every transaction – whether a single residential property or a complex commercial portfolio. Via its advanced online ordering platform and backed-up by an award-winning customer service team, SearchFlow supports clients in delivering the conveyancing solutions needed to manage due diligence risk and achieve compliance.

By partnering with SearchFlow, property law professionals in the UK can deliver smarter, safer, and faster property transactions to their customers.

Based in Kent, SearchFlow is a Landmark Information Group business, which is part of DMGT plc.

Visit www.searchflow.co.uk for more information or follow via social media for regular updates:

Twitter: https://twitter.com/SearchFlow

LinkedIn: https://www.linkedin.com/company/searchflow/


Key Services


Address

42 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4AJ


Key Contact 

Name: Tracy Burtwell
Tel: 0800 977 8818
Email: [email protected]
LinkedIn: Tracy Burtwell

Leave a Reply

Your email address will not be published.

X