legal services market study
TRANSCRIPT
Our focus on legal services
EMPLOYMENTWILLS AND PROBATECOMMERCIAL
SMALL
Deep dives through case studies into:
INFORMATIONPROTECTIONSREGULATION
Three themes:
Top 5 legal needs
3
Conveyancing26%
Of people whohad used a legal
service in the previous 2 years
Will writing19%
Probate13%
Family12%
Accident/injury9%
Access to information
45%no idea of
price before contact
22%shop
around
Fixed fees92%Standard
will
78%Convey.
23%Estate admin.
59%Grant of Probate
77%Say
reputationimportant Say
costimportant
62%
47%Had a lawyer
recommended17%Lawyers
publish any price
29%Compared
Residential conveyancing
9%Used an LC
as main advisor
67%Saycost
important
91%Paid no
more than expected
30%no idea of
price before contact
45%Chose
conveyancer used before
32%Recommended by professional
22%LC publish any price
information
Price dispersion - conveyancing
£0
£1,000
£2,000
£3,000
£4,000
£5,000
£6,000
£7,000
Sale(freehold)
Sale(leasehold)
Purchase(freehold)
Purchase(leasehold)
Sale &purchase(freehold)
£603 £700 £650 £750 £1,250Median
Price dispersion – wills and probate
Median
£0
£1,000
£2,000
£3,000
£4,000
£5,000
£6,000
£7,000
£8,000
£9,000
Individual will(standard)
Individual will(complex)
Lasting powerof attorney
Grant ofprobate
Estateadministration
£150 £163 £380 £650 £1,500
Distribution of prices
0%20%40%60%80%
100%
<£250 £250-£499 £500-£749 £750-999£1,000-£1,499 £1,500-£1,999 £2,000+
Opportunities for Licensed Conveyancers?
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
First Time Buyers (LHS) % of mortgaged sales (RHS)
Volu
me
of s
ales %
of sales by FTB
Based on research by Halifax
Introducing new minimum standards on transparency
We recommended that providers will, for the first time, have to provide prospective clients with information on the price and service they can expect, at the point it matters.
Engaging with quality
Customers need to understand price, service and quality to fully compare providers.
Recommendations are an important feature of the legal services market. We see a greater role for aggregated reviews and recommendations.
The future?
Data
ConsumerProduct
RegulatoryGovernment
ModelsComparison
tablesLead
generationRobo-advice
Auto-switchingVoice
Reverse auctions
unlockingregulatory data
We have recommended that regulators make more data available through open data licence and in machine readable formats