Innovation in legal services is a win/win for the economy, law firms and the users of legal services
Solicitors Regulation Authority
Greater innovation in the legal services market is important for UK PLC, law firms and the users of legal services, the Solicitors Regulation Authority has said.
The successful SRA Innovate conference on Tuesday, at London's Altitude 360, brought together more than 100 original thinkers from the legal world to share ideas. The SRA wants to work with solicitor firms to reduce the time it takes for innovative ideas to come to market, but without compromising the necessary consumer protections.
SRA Chief Executive, Paul Philip, said: "We have a key part to play in developing the legal market, ensuring it is open, competitive and accessible. Innovation can help law firms to be more competitive in a market already worth more than £25 billion to the UK economy.
"Many firms are innovating, which is good for them and for UK PLC. And of course the real winners will be users of legal services, such as our important small businesses, through greater choice of affordable services.
"We want to say yes to innovation – hence the reason for our SRA Innovate service. I would urge law firms to get involved and explore the potential to do more, or do things differently, or both."
Independent legal experts at the event agreed that the SRA’s changes had helped innovation, which was good news for the firms, the economy and consumers.
John Llewellyn-Lloyd, Head of Business and Support Services at Arden Partners, welcomed the “sea change in the regulatory environment”, which had made the sector “a lot more investible over the last five years.” Rachel Khiara, Partner at Khiara Law, meanwhile praised the SRA’s “open-minded” approach to unusual or innovative structures as “huge, positive developments”, which “helped promote access to justice".
The SRA is planning to do much more to develop an open and competitive legal market , and is looking ahead to further, faster progress in the light of Treasury proposals to make legal regulators independent.
More information on SRA Innovate is available on the website here.
