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Slaughters sets up panel for outsourced business

I agree that Slaughters has no appetite for it, but I hope that I am wrong. Recently, the magical circle firms announced referral schemes for region law firms, as these firms can do much of the work, to the same standard (although, the magical circle firms like to deny this to justify their ridiculous rates) and economically – but alas it has been all words and little action. The simple conclusion is that it is generally a sham, it is to give the impression that they are acting to reduce the legal costs for their clients and the Government (who seem to be perfectly happy handing the majority of its work to the magical circle firms, using taxpayers’ money to pay them anywhere between 30% to 60% more than required - while slashing expenditure – which is probably due to the "old boy" network that clearly operates in the sector). Very little changes in this antiquated sector (dominated by people who should have long since retired), an incompetent and monopolistic regulator compounds the problems. However, there is light at the end of the tunnel, the advent of ABS structure will, in time, be more of a shock to larger firms than they currently expect.

4-Oct-2010

4:20 pm