{"id":1385,"date":"2017-07-05T09:30:57","date_gmt":"2017-07-05T09:30:57","guid":{"rendered":"http:\/\/www.paliltd.com\/news\/?p=1385"},"modified":"2017-07-05T09:30:57","modified_gmt":"2017-07-05T09:30:57","slug":"cmastudycallsforanincreaseintransparencyacrossthelegalservicessector","status":"publish","type":"post","link":"https:\/\/www.paliltd.com\/news\/cmastudycallsforanincreaseintransparencyacrossthelegalservicessector\/","title":{"rendered":"CMA Study Calls for an Increase in Transparency Across the Legal Services Sector"},"content":{"rendered":"

The legal services sector\u00a0has been in the spotlight recently after\u00a0the SRA responded to the Competition and Markets Authority (CMA) report, which details the outcome of a market study made into the provision of legal services in England and Wales early last year.<\/p>\n

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The study found that\u00a0consumers generally lack the experience and information they need to navigate the legal services sector as there is very little transparency about service and quality\u00a0meaning\u00a0many consumers find it difficult to make informed choices.<\/p>\n

The Legal Services Board (LSB) found that\u00a0less than 18% of legal services providers display\u00a0their prices publicly. \u00a0This opacity\u00a0has weakened competition between services providers meaning some consumers do not seek to obtain legal advice when they need it.<\/p>\n

The study, originally conducted on the 13th of January 2016 details how better transparency of price, service and quality within the legal services sector will improve the service in terms of speed, choice\u00a0and confidence consumers have when using new services.<\/p>\n

In light of the findings the CMA has suggested a package of remedies designed to focus on helping customers engage with the legal services sector by equipping them with the tools necessary for making informed decisions.<\/p>\n

Figure 1: Making competition work through progressive improvements<\/strong><\/a><\/span><\/p>\n

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Contains public sector information licensed under the Open Government Licence v3.0.<\/strong><\/span><\/p>\n

The proposed\u00a0remedies will also facilitate the development of digital comparison tools (DCTs) to help consumers compare providers of legal services, just as they do in many other markets.<\/p>\n

According to LMS research the conveyancing sector is the slowest factor in the\u00a0residential property purchasing\u00a0process and has come under attack for being less technologically sophisticated than brokers, lenders and valuers. \u00a0Many believe that enhanced technology will allow services provided to be speedier and more convenient.<\/p>\n

The poll which consisted of almost 1,500\u00a0borrowers who\u00a0had remortgaged or purchased a property in the last six months, revealed that less than 50% felt that their conveyancing solicitor was good value for money.<\/p>\n

Public polling has shown that 82% of people think solicitors should be regulated independently. \u00a0Solicitors in different sectors already fall under this banding, however conveyancing currently does not.<\/p>\n

The Solicitors Regulation Authority (SRA) have published a full response with detailed proposals, which can be found\u00a0here<\/a>. Key suggestions identified within the response include:<\/p>\n