Why GP Solos Need to Worry About a Modern British Invasion
In May 2007 Slater & Gordon, an Australian personal injury firm, became the first law firm to go public. At the time, I discussed some of the implications of publicly held law firms, including the commoditization of legal services. I also gave some tips on how you can reduce the risk that your law practice will become a mere commodity.
Revolution in the U.K.
In October 2007 the United Kingdom passed the Legal Services Act (“LSA”), which authorized alternative business structures (“ABS”) with non-lawyers in professional, management or ownership roles in law firms. One of the regulatory objectives of the legislation was to promote competition in the provision of legal services. The LSA became effective in 2011, and in 2012 the Solicitors Regulation Authority approved the first four ABS firms. One of them, Co-operative Legal Services, launched a fixed fee family law service, with the intent of bringing “a refreshingly different approach to family law” with an “easily accessible and affordable” range of services. It is a division of The Co-Operative Group, a retail giant in the UK with 4800 retail outlets and 7 million members. So I guess you could say it is now the Costco of legal services. […]