Why is it important to prepare for regulations?
It is very important for law firms to fully prepare for the new regulations. Being prepared will give firms greater freedom and flexibility to decide how to achieve the best results for their clients by taking into account their individual needs. Law firms need to consider their principles and regulatory requirements, their areas of practice, and the clients to whom services will be delivered.
You must verify that you have the appropriate systems in order to deliver the expected outcomes and comply with the regulation. Despite the competition which Tesco Law offers, law firms must look beyond the ordinary in order to survive. Law firms need to work at becoming exceptional and offer service which would be difficult to replicate with the Tesco Laws.
Law firms that are preparing for changes need to consider a number of factors:
- Identify your weaknesses
- Reduce the impact
- Establish stronger systems and procedures
- Reflect on mergers and acquisitions
What are the new regulations?
The new regulation allows both external investment in law firms and non-lawyer involvement through the medium of alternative business structures. Firms are now facing the prospect of not being completely owned and managed by lawyers. Also, firms face the possibility of being able to look for capital in finance markets (similar as other businesses). Law firms can now be owned by different types of lawyers and non-lawyers.
Here are the benefits of the new regulation for customers, lawyers, and society:
- Allows firms to operate in flexible ways
- Encourages more effective competition
- It leads to innovation and price reduction
- Easier to retain and reward high-quality, non-legal staff in firms because they can now turn out to be partners
- Enables clients to attain services from one business entity
- Provides unique opportunities in career specialization for legal professionals
How to prepare for regulation:
As law firms focus on new employments and try to serve new clients, they are always looking for techniques to grow and expand. An infinite growth strategy makes law firms successful and profitable. The legal services marketplace has become more competitive. Identifying vigorous business tactics and sources of competitive advantage are tricky challenges for law firms. Law firms are regulated and lawyers who own legal practices should prepare for the regulations.
Here are tips to prepare for regulation:
- Send out newsletters showing that you are a leader in the legal sector.
- Lawyers may utilize their expertise to build a good reputation among competitors.
- Brand your name as a law firm; your practice will allow you to better reach more people and more clients.
- Lawyers should focus on expanding legal services so that they are more beneficial to their clients.
- Lawyers may concentrate on the high-level principles leading practice and the quality of results for clients.
- Law firms must take a more customer-centred approach.
- Additional business is produced from existing clients