Thursday, October 6, 2011

Deregulation of the Legal Market in the United Kingdom

It's official: The deregulation of the legal services market is starting today in the United Kingdom. The Legal Services Act, which allows for the creation of non-attorney ownership of law firms, through enterprises known as Alternative Business Structures (ABS), now creates the possibility of a Harrods or Mark & Spencer's or Barclays Bank offering legal services. It will change everything. Much like the deregulation of the financial services market in the U.K. in the 80s (the "Big Bang") echoed across the pond to precipitate deregulation of financial services in the United States, it is only a matter of time before similar impacts take place in the legal context.


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