“Will businesses use the new style "Tesco Law" or will they stick with their trusted advisers?"

Phil Jepson
Chairman
Jepson Holt






As a former lawyer I have no shame in answering the question in the following way:

“It depends”

In the short term the new entrants seem to be focusing on offering high volume B2C products and it is that part of the market that will feel the effects first.

Law firms do need to improve their ability to provide products to businesses that they can afford, at a known cost and better tailored to what businesses need. The problem at the moment is that Solicitors are not trusted advisors and their business model stops them from becoming trusted advisors. What I think will happen is that new business models will emerge which do provide businesses with trusted advisors. The question is whether those models come from Solicitors or whether they allow other professionals to take away this key part of their market.

Solicitors can survive and thrive in the new world but only if they act now. They need to begin to use the advantage they have, the strength of the brand of “Solicitor” but match that with innovation in the way they deliver what they do. If Solicitors do not address this need someone else will.