5/2/2006 13:46 - Threat or Opportunity?

The Law Society reports this week that research indicates that the majority of consumers would be more than happy to buy legal services from alternate providers, including banks and other financial instituions.

In fact 56% of those questioned said they would consider buying legal services from a bank or building society and 13% said they were 'very likely' to do so.

Predictably, the Law Society is conflicted in its reponse to the research with President Kevin Martin playing it cool: ‘Liberalising the legal services market will bring challenges for solicitors, as well as opportunities. We know that consumers are already willing to shop around for a good deal, and I am confident that solicitors who offer a good-quality service and high levels of client care will prosper in an increasingly competitive market.’

However, Paul Marsh, chairman of the Law Society’s land law and conveyancing committee, said: ‘[By using banks and insurance companies] the public will be exposed to a “one stop stitch-up”. The profession has to make it clear to the public that it provides better value and independent advice.’