The Solicitors Regulation Authority (SRA) has welcomed the announcement by the Competition and Markets Authority that the CMA will launch a market study into legal services.
The SRA has a long-standing commitment and track record of delivery when it comes to promoting innovation in the legal services market, supporting efforts to open it up to new entrants and making sure the market serves the public interest.
Commenting on the CMA study, Paul Philip, CEO of the SRA, said: “It is crucial that the legal services market works in the public interest and serves all consumers. We welcome all and any efforts to promote that goal and that is why we are pleased the CMA is conducting this study and will offer our help as they do so.
“Over the past two years, our programme of regulatory reform has prioritised opening up the market and encouraging growth and innovation. We believe that will benefit both the public and the profession.
“The Government’s proposals to make legal service regulators independent from their representative bodies would also strengthen the market and help make regulation more efficient and effective. Making this change would also cut costs, which will benefit solicitors and law firms and their clients, as well as boosting public confidence.”
The CMA announcement can be found here: https://www.gov.uk/government/news/legal-services-study-launched-by-cma
