When DLA Piper announced its stake in soon-to-be-ABS LawVest, the market was agog.
Was LawVest just going to be an Irwin Mitchell-lite? Was it a shell company waiting to take over Quality Solicitors? What was Sir Nigel up to?
As The Lawyer reveals today, LawVest is on a campaign to eradicate hourly billing. Its product is all about fixed fees. All very Zeitgeisty, but here’s the big-money twist: it’s also about direct access to the bar.
It’s signed up 12 silks and a total of 43 barristers to the venture, including RIchard Lissack QC and Jonathan Caplan QC.
The Lawyer got exclusive access to LawVest prior to the launch. Read all about its plans here. Will this mean a revolution at the bar? Or is this a bigger challenge to law firms acting for the SME sector?
One thing’s clear: there’s a lot more to ABSs than high street legal services.
Whatever next – Linklaters to float?