Regulators need to deliver a “step change in standards of transparency” so that lawyers’ clients can both understand the price and service they will receive, and compare providers, the Competition and Markets Authority said today. The watchdog also called on the government to review the whole regulatory regime, and backed full independence for legal regulators.
Source: CMA final report: demand for better price and service transparency from law firms, and review of legal regulation – Legal Futures
find their way around the legal
services sector and to engage confidently with providers. Consumers find it
hard to make informed choices because there is very little transparency a
price, service and quality
for example, research conducted by the Legal
Services Board (LSB) found that only 17
of legal services providers publish
. This lack of transparency weakens competition between
providers and means that
some consumers do not obtain legal advice when
they would benefit from it.
Increasing transparency of price, service and quality is therefore essential for
consumers to get a better deal.
Our package of remedies is focused on
helping consumers engage
the legal services sector
by equipping them
with tools to identify their legal needs, shop around and secure good value.
The first step
to require much higher standards of transparency by legal
services providers. We are recommending that the regulator
s develop new
minimum standards for disclosures of price, service
, and require providers to adhere to them.