Wednesday 27 January 2016
The recently finalised Legal Services Regulation Bill, is being dubbed as the biggest overhaul/reform of the legal services industry, in the history of the state.
Whilst, the Bill has been passed through the various stages of the cabinet, it will be a period of time, before the proposed changes, come into force.
The notable changes are as follows;
1. An independent regulator , is to be established with oversight of the legal profession.
2. 'One stop shops'- there is to be the introduction of multi-disciplinary practices, which effectively would mean that barristers, solicitors and accountants could likely all operate under the same corporate entity.
3. There is to be a review on legal fees and as to how law firms charge their fees, with a view to more transparency for clients.
4. The introduction of Limited Liability Partnerships- which effectively means that Law Firms and their partners will no longer be personally liable in matters of dispute. As with all Limited Liability company, any debts or disputes pertaining to the company, will be matters for the company itself and not the individuals.
The above are the key points, in respect of the proposed changes, which have been welcomed by many , however as with all legislation, until it is in operation it remains to be seen as to who the greater beneficiaries of the legislation, will be.
We as a law firm are in favour of change and forward thinking and our clients are our priority , as we would not have a practice without them.
Any proposals that will offer a greater customer experience to our clients, is very much welcomed by us.