The new competitive landscape – your bank as a partner for change
Chris Marston, Head of Professional Practices at Lloyds Bank, compares the changes underway in the solicitors’ profession with those seen in the banking industry during his career.
The competitive landscape for solicitors has changed beyond recognition. External capital is now permitted to invest and as a result we have seen landmark transactions such as Slater & Gordon’s acquisition of Russell Jones & Walker, the creation of virtual, direct access legal services businesses exemplified by Riverview Law, and any number of referral and price comparison websites have emerged.
On top of this we see trusted brands such as AA, Saga and the Co-operative increasing their activities in markets that solicitors previously had to themselves. The scale of change is unprecedented and it is gathering pace.