This is the question that I was recently given five minutes to answer! This post is intended as a more expanded response. It begs some prior questions about what we mean by ‘BigLaw’, ‘business model’ and ‘the BigLaw business model’. But [spoiler alert] the short and long answers are the same: it doesn’t look like it.Continue reading
This post is the text of the opening keynote address delivered to the Westminster Legal Policy Forum on the future of legal services in England & Wales (held online on 15 September 2020). A PDF of the address is also available for download here.
Every time I looked at the draft of the final report, I would change something or elaborate on aspects of it. It wasn’t that I had changed my mind, but that I was always trying to make my meaning and intention as clear as possible. With the report having been submitted to the Lord Chancellor and published, I am therefore content for now that the report should speak for itself – subject to one caveat that I shall return to later.
This is a conference* about ‘trust in the market’ and building confidence within the sphere of legal services regulation. I shall therefore open with the observation (or reminder) that regulation is a public intervention in otherwise private transactions and free markets. It must therefore stem from a political judgement that we should not have complete trust and confidence, and must instead rely on the intervention in the market. issue of how confidence in regulation develops and is then sustained is a fascinating one. It begs preliminary questions of what we mean by ‘confidence’, and from whose standpoint we are assessing it.