Legal services: a new business opportunity for accountants?
In a recent letter to the Financial Times, Felicity Banks, head of Business Law at the ICAEW, offered the view that:
“A way forward for high street solicitors” would be “small legal and accountancy practices to merge, thus retaining a high street presence for both while providing a wider range of services to clients…”
This view was given in response to a comment that the Legal Services Act would benefit individual partners by permitting an IPO of a law firm as well as benefitting the Tesco law organisations as new entrants to the legal services market.
All these new arrangements will be possible when the Legal Services Act permits unlimited non-lawyer ownership of law firms, explains Fox Williams’ Doug Preece.