The Law Society has responded to the Competition and Markets Authority’s (CMA) interim report into legal services, welcoming the news that it is not planning to recommend a formal market investigation into the legal sector.
The Law Society shares the CMA’s desire to continuously improve the way the legal services markets function. If remedies proposed by the CMA are imposed, this must be done on the basis of strong evidence, with any impact on the affected markets fully thought through to avoid the unintended consequences of change.
Stability and certainty of regulation is vital to the healthy and continuous functioning of the legal services markets, especially during a time of intensified change as the legal sector responds to rapid advances in technology, globalisation, increased competition and changes to the way people buy their legal services.
The legal sector contributes £25.7bn to the UK economy. The Law Society remains committed to ensuring the balance between client protection and fair, proportionate regulation which promotes competition within a strong and vibrant legal sector.
The CMA has extended the deadline for responses to its survey by a week, to Friday 26 August. You can complete the survey here.