Don’t be fooled by the irritating adverts featuring opera singers with boundary issues or meerkats that long outstay their welcome – the insurance sector means business and that is having a profound effect on the legal services market.
As discussed in this week’s The Lawyer (see story) it was no coincidence that the largest domestic merger so far this year was driven by the insurance sector.
Upstarts like Parabis Law and Minster Law are meeting the demand of falling rates to steal clients from under the noses of more established players and secure the lion’s share of the volume business market, forcing firms to look at consolidation as a means to stay competitive.
Meanwhile, high-end operators like Ince & Co are staying aloof, insisting they won’t be affected by the tumult. We’re not so sure.
The strategies employed by firms in the sector mirror the tactics of the insurers themselves and will provoke wide-reaching changes. Perhaps it won’t be long before firms themselves have irksome mascots and mind-numbing jingles helping to punt out their services.
There’s fun to be had here.