New pricing transparency rules for solicitors – are you ready?
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 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, we can help. Contact our team on 01903 234094.