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Ceis tor vergata research paper series


ceis tor vergata research paper series

T (2012 "Lenders Asked by Law Society to Reconsider Conveyancing Solicitor Panel Cuts Fridaysmove, 13 February 2012. Conflict of interest As firms seek to merge, conflicts of interest between both existing and past clients become an increasing risk. Those that have benefitted are more likely to seek additional growth by this means in the future. In the legal services sector, the end of the barrier on non-lawyer ownership of law firms, by enabling access to external funding, has been such a removal dissertation prospectus english of regulatory restrictions. Road accidents have fallen by an average of two percent per year, and recorded crime by an average of four percent per year since 2007. A renewed spate of mergers began in 1989, and had by 2002 transformed the Big Eight into the Big Five. As larger firms gain competitive advantages such as cost efficiencies and brand recognition, it becomes harder for smaller firms to compete with them. Firms can aim to: increase their market presence and customer base, either by simple expansion, by making alliances and mergers or by heavy marketing diversify to reach broader areas of work follow a cost strategy, aiming to offer lower prices than competitors build a niche. There were 60 percent more mergers between law firms in 2012 than in 2008. The object of these changes has been to reduce the number of minor road accident claims, which are reportedly ahead of European averages, and which have increased even as the accident rate has fallen.

Conclusion Competition is the driving force behind market consolidation. As well as allocating our own resources proportionately, in-line with these risks, we require firms to ensure that they are also managing them.

Our regulatory remit is to ensure that risks to the public interest are managed and to only restrict competition where it is leading to outcomes that are not consistent with the regulatory objectives. Most of the remaining market share was taken by franchises such as Specsavers and Vision Express. This places an additional financial pressure on providers. Legal Services are, however, an occasional purchase for most consumers, meaning this strategy is less prevalent in law than it is in other sectors. Porter, M, How Competitive Forces Shape Strategy, Harvard Business Review, March 1979. Large consolidated firms in other sectors have proved able to meet demand in ways that may not be available to smaller firms, due to their ability to offer a wide range of expertise. Evidence of a consolidating market, the following diagram shows a range of evidence that the legal services market has entered a consolidation phase. Controls such as information barriers become highly important in these cases, but are not easy to implement even in the largest firms. The collective effect of those independent strategic choices is that the market consolidates. Legal aid 35 of firms with 50 legal aid clients lost more than 10 of their turnover over 2008-11 In 2012 31 of legal aid firms were planning to exit the market by 2015 Sources: Ministry of justice, Legal Services Board, Law Society, Solicitors Regulation. Exit planning is necessary to ensure that clients are not put at risk if a firm can no longer remain trading. Our concern here is with the risks arising from the transition process.

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