The future of regulation in the new legal landscape
The Legal Services Act 2007 creates opportunities in the legal services sector to develop new business models that will take advantage of the modern professional services marketplace. No longer constrained by the traditional partnership model, law firms are exploring the new business structures enabled by the LSA.
The regulatory framework created by the Act is evolving to take account of these new possibilities. The Legal Services Board faces the challenge of developing a regulatory approach to suit the needs of a large profession serving a wide range of clients.
As the foremost representative body for solicitors, the Law Society is leading the debate about how the regulatory framework should be shaped to enable legal businesses to thrive.
Future opportunities
In a difficult economic climate, it is imperative that businesses are able plan for the future with a high degree of certainty about the regulatory regime. At the same time, the new opportunities created by the Legal Services Act will encourage creative exploration of different business models and potential financing options, and the regulatory framework must be sufficiently flexible to allow for innovation.
To develop this policy thinking, the Society brings together leaders of the profession with representatives from the business world, potential investors, and policy-makers to debate key current regulatory issues.
Read more about current regulatory issues: