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A GUIDE TO SURVIVING THE LEGAL SERVICES ACT 2007

THE CONTENT OF THIS GUIDE HAS BEEN PRODUCED BY THE VISION REPUBLIC AGENCY LIMITED AND IS NOT TO BE USED FOR FURTHER DISTRIBUTION.


Q: What does the Legal Services Act do? The LSA does three main things: 1. It creates the Legal Services Board (LSB) which will supervise the regulation of all legal services. 2. It creates the Office for Legal Complaints (OLC) which is a new independent ombudsman ombudsman that will deal with consumer complaint about legal services. 3. It enables the formation of new types of legal practice. This means: a. Firms ms can have hav different types of lawyers wyers and up to 25% nonnon lawyers.. b. Alternative business structures (ABS) will be allowed which will allow external ownership of legal businesses i.e. Tesco Law. c. Multi-disciplinary disciplinary practices that offer services other then legal services.

Q: As an existing provider of legal services, what does this mean to me? The LSA will revolutionise the legal profession fession within the UK and bring with it far more commercial pressure. Consolidation has already been seen see as practitioners oners are unable or unwilling to meet the demands that have been brought to bear. We have seen and will continue to see: • • • • •

Firm-based regulation is now in-force as firms are now self-regulating self bodies. Higher costs through indemnity insurance and transition to new regimes. Higher levels of competition. Squeezed margins. The challenge of diversification.

THE CONTENT OF THIS GUIDE HAS BEEN PRODUCED BY THE VISION REPUBLIC AGENCY LIMITED AND IS NOT TO BE USED FOR FURTHER DISTRIBUTION.


Q: How do I survive the LSA? Firstly, you need to Know now Your Business; Business; it is essential that you can see where you are right now in order to effectively plan for the future and know that you’re deploying the right strategy. Secondly, you need to act; now! now! Doing nothing is not an option if you want to Survive and Thrive™. The LSA paves the way for a major change in the legal sector. This change is driving innovation, ovation, placing a greater emphasis on existing assets and people and above all, presenting an unprecedented amount of opportunities. The opportunities will only be seen as such by those who are open to significant change. It goes without saying that improved impr budgeting, planning ng and stakeholder reviews will need to take place in order to meet these challenges. As part of this process, harnessing and developing talent, identifying market opportunities, adding value for clients and adopting values as a business busi need to be embedded at an early stage. Only those who embark on this course of action will succeed in the long term and make the most of the opportunity.

Q: Can anyone help? You will be reassured to know that we can help. help Vision Republic is a professional services provider to the legal services industry. indu We have the knowledge and a unique combination of corporate know how, people development expertise and a dynamic group of partner-experts partner to create pro-active active and positive solutions sol to these challenging issues.

THE CONTENT OF THIS GUIDE HAS BEEN PRODUCED BY THE VISION REPUBLIC AGENCY LIMITED AND IS NOT TO BE USED FOR FURTHER DISTRIBUTION.


Q: What can Vision Republic do? do In order to help the legal profession specifically, we are able to: • •

• •

Undertake essential due diligence so that the current status of your firm can be assessed and understood. Assess the current value within your business, business, through hard and soft assets, including the th talents which lie within your senior partner team and your wider organisation. organ Establish stablish where these attributes converge to provide the most powerful recipe for success. success Create a bespoke business and people development strategy in order to establish market difference, build on existing areas of expertise and establish you own unique set of values. Deliver powerful and pro-active pro programmes to help client facing teams to find their ir unique strengths and passions and embody corporate values to increase client empathy, improve listening and networking skills and develop industry specialisms specialisms more suited to their personalities and motivating factors

Through work we have undertaken with existing legal practices, we have a current portfolio of programmes as well as the ability to design something which is exclusive to you.

Q: How do I find out more?

Please contact either: Janet Harrison (Head of Development) (m) 07793 749362 (e) janet.harrison@thevisionrepublic.co.uk janet Douglas Watt-Dugdale Dugdale (Head of Corporate) (m) 07904 865746 (e) dwdugdale@thevisionrepublic.co.uk

Find out more about the business at: www.thevisionrepublic.co.uk hevisionrepublic.co.uk

THE CONTENT OF THIS GUIDE HAS BEEN PRODUCED BY THE VISION REPUBLIC AGENCY LIMITED AND IS NOT TO BE USED FOR FURTHER DISTRIBUTION.


A Guide to Surviving the Legal Services Act