Price transparency: is it about to eat your lunch? Iain Miller writes for The Law Society’s Legal Compliance Bulletin

With more information about legal practices becoming available in the public domain, how will this affect the way prospective clients choose a law firm to represent them?

I have been slightly bemused by the generally indifferent reaction of the professions to the price transparency agenda currently being implemented by the legal services regulators. The impact on legal businesses is likely to be huge as it will disrupt the central concern of any firm: how it gets work.

At the moment, there is very little public information available about law firms. All firms have a reputation that may be reflected in various guides and directories, but there is little objective information, such as price and complaints record, available to potential clients. As a result, private clients and small businesses generally approach firms for the first time based on recommendations, advertising, or general internet searches. In turn, successful firms focus their energies on making sure that these pipelines of work are properly maintained.

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