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Unlocking the potential

Focusing on financial and investment advice is the key to solicitors’ practice development, says Ian Muirhead

1 August 2011

The Legal Services Act is causing many solicitors to consider their competitive position. The Act is therefore fulfilling its purpose of “promoting competition in the provision of services… such as are provided by authorised persons”. However, research suggests that most of the services that solicitors provide fall outside the scope of the reserved activities and could already be undertaken by non-lawyers.

Body language

True to type, solicitors are tending to react defensively, by seeking safety in numbers and grouping together in an effort to achieve marketing clout. Brand names are being created, sometimes with the franchise model in mind, but, whereas commercial franchises start with a standard business proposition which can be replicated and distinguished at consumer level by a consistent brand identity, the firms which make up the new solicitor groupings often have little in commo...

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