Service providers must offer a range of alternative fee arrangements
Recently, insurance giant Admiral Group unveiled its legal services offering through two joint ventures with law firms; and AiM-listed professional fees insurance provider Abbey Protection has entered the legal services arena to tap into the opportunity that the legal sector presents. These moves are an outcome of the Legal Services Act 2007, which came into effect in October 2011.
Today, practically any organisation, regardless of whether it has prior legal market experience, can offer legal services. With the legal services market estimated to be worth £26 billion per annum, new market entrants, listed businesses and private equity organisations are all eyeing a slice of the pie.