Price and Service Transparency
For consumers to make an informed choice of legal services provider it's vital they can assess price and service provision information to help them decide on their provider of choice. This increased transparency can also greatly benefit ICAEW probate accredited firms and help them stand out in the legal services marketplace.
We encourage your firm to adopt the recommendations in the Best Practice Guide to Price and Service Transparency. At this stage, these are voluntary recommendations. However, if the ICAEW Regulatory Board (IRB) does not see a significant improvement with firms’ compliance with these transparency measures by 31 March 2021, it will have no alternative but to make changes to the Probate Regulations to introduce compulsory regulation.
We have a small window of opportunity to show that ICAEW firms are at the vanguard of transparency. In April 2021, we will carry out the next round of research to review the uptake.
Before 31 March 2021:
- check your firm’s website(s) and marketing materials follow our Best Practice Guide to Price and Service Transparency;
- review the Quality Assurance transparency webinar:
- review the recorded case study
- implement any required changes to comply with the best practice guidance.
To help you assess your firm’s take up of the recommendations, please use the Best Practice Guide to Price and Service Transparency to identify where your firm can improve on price and service transparency.
Transparency of pricing and services can bring significant benefits:
- Potential clients will compare the transparency and quality of information provided by firms. Firms that adopt the transparency requirements will have a commercial advantage over those that do not.
- Complaints caused by a lack of information on pricing and services at the outset of the engagement can be avoided.
- Transparency of pricing will highlight the lower costs a multi-disciplinary firm can offer its clients.
- It will support and encourage a culture change regarding how transparency is viewed.