November 26, 2018 | 5 MIN read

New Pricing Regulations to Shake Up Legal Industry

This month, the SRA will release their new transparent pricing bill. This bill outlines that all law firms will be required to display transparent pricing on their services from early December. Recent research published by the SRA found that “42% of small businesses shop around online when in need of professional legal support, with 75% saying they would do this even more if more information was available on firms’ websites”.

What does this mean?

Potential clients will now be aware of the upfront costs of their legal services before engaging in a legal case with your firm. Your pricing model will also be public knowledge for competitors, who can adjust and tweak their pricing structure based on yours, meaning that price alone will no longer be the key factor that sets you apart in the market.

Paul Philip, SRA Chief Executive, said:

“Publishing information on price, services and protections will not only benefit the public, but will also help those who deliver these services win business and connect with their customers. We are providing guidance and support for firms to assist with meeting the new requirements and making the most of the opportunities they bring.”

How can my firm prepare?

In order to stay on top of the new pricing bill it’s important that you offer more than just a low cost service. It’s essential to introduce more ways you can stand out amongst competitors to enable your firm to keep winning new business.

Embracing and implementing Legal Technology can be the last thing that comes to mind and Law firms can be notoriously slow to adopt new systems and processes. However it can be key in showing potential clients that you’re adapting to their consumer needs. By using tech to reach and serve your clients, and improve their overall experience you are allowing your firm to be unique amongst its competitors.

Firms around the UK are winning new business through the introduction of The Link App. We offer a secure two-way communication platform for lawyers and their clients to enable a streamlined legal service and enhanced customer satisfaction. Not only this, the app itself is available for your clients at no extra cost, adding another level of value for money to the services you offer.

Want to find out more about how we could help set your firm apart from competitors? Why not view a demo:

More information about the new pricing guidance can be found here: https://www.sra.org.uk/solicitors/resources/transparency.page

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