Meanwhile, regulation by the Solicitors Regulation Authority (SRA) has received votes of confidence from one large firm and from sole practitioners, but City firms are sceptical.
Speaking at the Legal Futures Regulation & Compliance Conference in London, Jo Riddick, the compliance officer for legal practice at Macfarlanes, said solicitors were becoming less relevant in terms of services to clients.
Ms Riddick asked how relevant the “badge” of regulation would be to legal brands when “well-funded and well-managed players” entered the unregulated sector.
She suggested the solicitor brand would become less important “when large and City firms jump into the unregulated market to provide non-reserved activities – possibly with other professional service providers, [maybe] accountants… technology experts, or project managers, providing high-end services… to sophisticated clients”.
Read the full Legal Futures article here