New Pricing Transparency Rules for Solicitors
Posted On November 23, 2018 By mhauk
New rules on pricing transparency for solicitors have been published and come into effect on 6 December 2018. The rules have been put in place following recommendations from the Competition and Markets Authority. Firms that fail to meet the requirements could face disciplinary action.
In an attempt to dispel confusion around the cost of legal services, the Solicitors Regulation Authority (SRA) and Council for Licensed Conveyancers (CLC) require that solicitors publish their pricing and service information on their websites. The services captured under the rules include:
- Personal injury
- Motoring offences
- Immigration advice
How can you Meet the Requirements?
In order to publish pricing information as required by the regulators, a firm needs to understand its pricing models. We can provide bespoke workshops and other advisory services to help you:
- Better understand how you currently price for your services;
- Examine whether your pricing needs to be reviewed;
- Consider alternative pricing models, such as tiered or structured pricing.
If you’re worried about the ‘cost of costing’ before the rules come into play or if you have any questions, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Professional Practices team.
This article originally appeared on the blog of our member firm, Larking Gowen.