abs toolkit
                where
                   are
                   we
                    all
              headi...
abs toolkit: where are we
           all heading

1     introduction to LSA


2     what’s been happening


      what cha...
timeline
march      OFT “competition in the professions” report recommends
2001       unjustified restrictions on competiti...
Legal Services Act 2007
                       single
                     oversight
                     regulation


   ...
Legal Services Act 2007
8 Regulatory Objectives

Section 1 of the Act defines eight regulatory objectives:
•Protecting and ...
Legal Services Act 2007
5 Professional Principles

• Authorised persons should act with independence and integrity;
• Auth...
“reserved legal activities”




many regulators looking to extend “reserved activities” which can
                  be car...
the new world regulators
     office for
       legal
    complaints
    (end 2010)

                                      ...
ABSs

                                                    reserved
   approved                 licensed
  regulators   aut...
Q: who will be regulator of
        choice?
          race towards the bottom?            reserved legal
                 ...
changes to legal services:
law firms of the future (reserved)

virtual law     solicitors       business
   firms         ch...
changes to legal services:
   what these changes might look
       like moving forwards

    client
acquisition &
  retent...
stripping out the legal
            work
business processes may aim to strip out any
elements of legal process which are:
...
creating vertical client-led
    “tiered” products
                     level 1
documents and forms assembly plus “how to”...
creating vertical client-led products:
                phase 2 - adding the horizontal
                  delivering “more ...
1st point of contact

         the Holy Grail
              of client
            acquisition
where do clients come
                     from?
                                       existing clients /              ne...
warning
 DO NOT UNDERESTIMATE THE
AGGRESSIVE APPROACH TO THE
ACQUISITION OF CLIENTS NEW
 AND EXISTING ENTRANTS TO
 THE PRO...
where will clients come from?
                 the risks




important to understand %ages of client sources to understand...
ringfence your clients
communication communication communication


         social media
                               pa...
the next big ideas
will be inspired by
    technology
reach of IT
    client           web 2.0, social media, data handling, internal cross selling,
acquisition &              ...
lawyer displacement
role of IT
                                        docs out:                                      risk...
IT is the preferred medium of
               communication*




*and one third of all IT users prefer mobile internet over...
food for thought...
one final thought...
                 carpe diem
                   the clock is ticking
lawyers have 12 months to get thei...
next time...
abs toolkit: how do we get there

new law firm & management structures to
consider
jobs in law
legal services ...
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Abs toolkit: where are we all heading?

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  • Abs toolkit: where are we all heading?

    1. 1. abs toolkit where are we all heading?
    2. 2. abs toolkit: where are we all heading 1 introduction to LSA 2 what’s been happening what changes might look like moving 3 forwards
    3. 3. timeline march OFT “competition in the professions” report recommends 2001 unjustified restrictions on competition should be removed Sir David Clementi produces his government commissioned dec report “Review of the regulatory framework for legal services in 2004 England and Wales” oct Legal Services Act receives royal assent 2007 march Legal disciplinary practices authorised 2009 by SRA comprising 25% non-lawyers Office for Legal Complaints scheduled to oct open doors (legal ombudsman) 2010 oct Alternative business structures 2011 scheduled to “go live”
    4. 4. Legal Services Act 2007 single oversight regulation competition, transparency, alternative innovation office for business legal structures complaints
    5. 5. Legal Services Act 2007 8 Regulatory Objectives Section 1 of the Act defines eight regulatory objectives: •Protecting and promoting the public interest; •Supporting the constitutional principle of the rule of law; •Improving access to justice; •Protecting and promoting the interests of consumers of legal services; •Promoting competition in the provision of legal services; •Encouraging an independent, strong, diverse and effective legal profession; •Increasing public understanding of the citizenʼs legal rights and duties; •Promoting and maintaining adherence to the professional principles;
    6. 6. Legal Services Act 2007 5 Professional Principles • Authorised persons should act with independence and integrity; • Authorised persons should maintain proper standards of work; • Authorised persons should act in the best interests of their clients; • Persons who exercise before any court a right of audience, or conduct litigation in relation to proceedings in any court, by virtue of being authorised persons should comply with their duty to the court to act with independence in the interests of justice, and • Affairs of clients should be kept confidential. 6 Reserved Legal Activities • the exercise of rights of audience (ie appearing as an advocate before a court); • the conduct of litigation (ie managing a case through its court processes); • reserved instrument activities (ie dealing with the transfer of land or property under specific legal provisions); • probate activities (ie handling probate matters for clients); • notarial activities (ie work governed by the Public Notaries Act 1801); and • the administration of oaths (ie taking oaths, swearing affidavits etc)
    7. 7. “reserved legal activities” many regulators looking to extend “reserved activities” which can be carried out by their members parallel legal services industry of “non-reserved” already evolved
    8. 8. the new world regulators office for legal complaints (end 2010) the MOJ the institute of LSB insolvency service professional will writers unregulated master of CIPA/ assoc of SRA CLC BSB ILEX ITMA the faculties law costs draftsmen ACCA/ ICAS patent/ law licensed legal accountants insolvency claims will legal panel solicitors barristers TM notaries costs websites conveyancers executives (probate) practitioners manager writers publishers managers attorney draftsmen does not provide simplification and clarity for public likely to be significant confusion over what the definition of a “qualified lawyer” is, and what the implications of this are regarding qualifications, insurance and “reserved activities” (67% of consumers think that will writers are qualified solicitors) Q: is this PHASE 1?
    9. 9. ABSs reserved approved licensed regulators authorise bodies to provide legal activities - HoLP-head of legal practice - HoFA -head of finance - non-authorised owners, managers - “fit and proper” test
    10. 10. Q: who will be regulator of choice? race towards the bottom? reserved legal activities ABSs likely to select path of least resistance outcomes focussed regulation nb: sra intending that ABSs they regulate, non-reserved activities will be regulated to the same extent as reserved. This may cost make solicitors’ practices less attractive to new entrants indemnity insurance
    11. 11. changes to legal services: law firms of the future (reserved) virtual law solicitors business firms chambers chambers solicitor umbrella plcs networks branding large ABS niche/bespoke/ local level ABS brands traditional
    12. 12. changes to legal services: what these changes might look like moving forwards client acquisition & retention types of legal product how its processed lawyer displacement
    13. 13. stripping out the legal work business processes may aim to strip out any elements of legal process which are: a) expensive to deliver b) high risk c) can be delivered in a more cost effective manner in a different way or by BPO/LPO example: indemnity insurance replaces conveyancing due diligence?
    14. 14. creating vertical client-led “tiered” products level 1 documents and forms assembly plus “how to” guides level 2 “hand holding” / document checking service level 3 full traditional “bespoke” service
    15. 15. creating vertical client-led products: phase 2 - adding the horizontal delivering “more than law” level 1 documents and forms assembly internal legal services plus “how to” guides internal non-legal services level 2 cross selling “hand holding” / document checking service (internal + external) external legal services level 3 external non legal services full traditional “bespoke” service
    16. 16. 1st point of contact the Holy Grail of client acquisition
    17. 17. where do clients come from? existing clients / new clients referrals repeat business “traditional” commercial relationships referrals “through from existing advertising networking website the door” clients
    18. 18. warning DO NOT UNDERESTIMATE THE AGGRESSIVE APPROACH TO THE ACQUISITION OF CLIENTS NEW AND EXISTING ENTRANTS TO THE PROFESSION WILL ADOPT
    19. 19. where will clients come from? the risks important to understand %ages of client sources to understand exposure to risk
    20. 20. ringfence your clients communication communication communication social media partnerships surveys visibility loyalty brand programmes
    21. 21. the next big ideas will be inspired by technology
    22. 22. reach of IT client web 2.0, social media, data handling, internal cross selling, acquisition & communication and client dialogue retention commoditised, workflow based, FOC, types of tiered service levels, holistic, legal triage, annual fees legal product paperless files, electronic signatures, e- how its discovery, risk management, exception processed handling, lawyer displacement, MI,
    23. 23. lawyer displacement role of IT docs out: risk man: receipt of docs in: progress of generates and accounts managing of all instruction & data files plus case (or stops sends all e- function deadlines AML opens e-files scanning in system) letters & docs etc document some client exception checking/ advocacy etc liaison handling drafting role of lawyers (support to workflow)
    24. 24. IT is the preferred medium of communication* *and one third of all IT users prefer mobile internet over PC access
    25. 25. food for thought...
    26. 26. one final thought... carpe diem the clock is ticking lawyers have 12 months to get their house in order and steal the lead on their abs competitors time is of the essence
    27. 27. next time... abs toolkit: how do we get there new law firm & management structures to consider jobs in law legal services move to commoditisation lots of case studies loads of opportunities

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