Co-op Legal Services (CLS) might have succeeded in being the first non-lawyer outfit to be granted an ABS licence but that doesn’t make its latest financial results any prettier.
As its most recent financial results reveal, CLS has generated losses of £3.4m for the first half of 2013. The Co-operative Group subsidiary puts this down to investment. Indeed, the hire of 3,000 additional staff looks sure to take its toll on the coffers and it goes without saying that the group will want to generate a significant return on its investment.
The ABS is just one a number of new ventures to enter the profession (the latest being Bath-headquartered Helphire Group at a time when pockets of the profession are showing tentative signs of economic recovery.
But what impact will these new entrants have on the profession in five or 10 years time?
On Monday The Lawyer will unveil its crystal ball-gazing predictions issue, which will assess how the global legal services industry is likely to change over the coming decade.
Will the partnership model continue to be the dominant structure? Which firms will be triumphant in the race for global dominance? Where will the next transatlantic merger come from? What impact will the Chinese legal market have on the global legal scene?
For those wanting to get ahead of the competition it is a must-read. And meanwhile, by way of a taster, check out today’s exclusive video interview with one of the market’s most forward-thinking lawyers, Allen & Overy senior partner David Morley. Unmissable.
Also on TheLawyer.com:
- Litigation boutique Edwin Coe has launched a five-year growth plan focused on increasing turnover by 75 per cent over the next five years
- A former K&L Gates Hong Kong partner, Navin Kumar Aggarwal, has been sentenced to 12 years after pleading guilty over a HK$8bn (£665m) fraud and money laundering scheme
- And Crowe Clark Whitehill head of professional practices Louis Baker discusses what lawyers can do to get better at billing