Corporate and commercial lawyer news – New president warns of tough year
He says that this is, among other reasons, because of the introduction of the Legal Services Act, which will see the coming of alternative business structures.
The business lawyer commented, “I am honoured and very excited to be taking over presidency but I take over at a time when there are challenges to the profession, which seems to be under attack from a lot of sides.
“A lot of firms are still feeling the pinch from the recession and a lot of clients are finding it difficult as well.
“Added to that, we are now in a situation where we have more competition than ever before. The alternative business structures are now in place and allow non-lawyers into the arena to provide legal services.”
However, the corporate and commercial lawyer did concede that the changes could be good news to consumers and clients if it led to more competitively structured fee and costing schemes.News