Chambers not adapting to changing legal landscape
26th October 2015
A recent report from the Bar Standards Board has highlighted that despite the legal landscape altering, most chambers are not creating new business plans to adapt to these changes.
Those working in solicitor jobs in the UK and other legal professionals will be surprised to hear that the Bar Standards Board revealed that the bar could face future struggles as a result of cash flow, cyberattacks and a lack of commitment to diversity in the near future.
A survey of 170 chambers found that 65 per cent revealed a reduction in public funding, more competition, a downwards pressure on fees and new opportunities would see the bar having to make a number of changes.
However, a staggering 35 per cent of chambers surveyed did not feel a new business plan was needed, despite many experts forecasting the legal landscape to alter dramatically in the near future.
The study found that one of the major problems chambers face is cash flow problems and 23 chambers said they had suffered from this in the past year.
According to an article on the Law Society Gazette, the chambers regulator said the amount owed and the aged debt in chambers was high and that the main reason for this was referral fees. Deals being done with solicitors, without the knowledge of junior tenants, to sacrifice their fees in return for promises of more profitable work were given as an example of this.
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