The likes of Tesco, the Co-op and the AA are poised to enter the legal services market and offer conveyancing services through estate agents.
The so-called Tesco law comes into effect in October and will allow a whole host of non-legal firms, including retailers, to enter the market.
A new report, from YouGov’s Sixth Sense division, outlines the scope for national retail brands to expand into legal services.
The report suggests that they may do very well – simply because they are household names that consumers have heard of.
Six out of ten people questioned by YouGov said they would consider taking legal advice from brands such as the Co-op, the AA and Barclays.
But whereas there is strong recognition of retail brands, consumers did not recognise any of the names of the largest legal firms in the UK, and when given a list, could not say whether they were solicitors or accountants.
There was only recognition when the firm’s name included a give-away word like ‘lawyers’ or ‘solicitors’.
The report says that, unlike retailers, solicitors build their business on reputation and not on brands.
Rob Hailstone, a former conveyancer and HIP provider and now founder of the Bold Group, an association of conveyancers with an interest in improving the way homes are bought and sold, said: “The question is if the interests of consumers will be best serviced by retailers and businesses like Tesco, or whether estate agents would prefer to work with high street solicitors.”
The Tesco law is intended to open up the market and introduce greater competition.
But it has already come under fire, with warnings that it could lead to ‘wild west’ will writing, with unqualified and unregulated people doing complex legal work.
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Comments
Answered my own question - E&W only
Does anyone know if this is England and Wales legislation, or does it apply UK-wide, to include Scotland?
Be very afraid, theyr'e seriously looking at you boys too......
MMM to me it sounds like another corporate call centre battery farm with headsets and box tickers......just what the public dont need
PROVIDED that the people actually doing the work are qualified and experienced it should not be a problem?
However, 'provided, qualified & experienced'???????
Surely most conveyancing is now carried out by fee earners who are chained to their desks and not out playing golf etc?
Would Co-op and Teco conveyancing end up the same as the service provided by banks, i.e. we would end up spending most of our time listening to recorded messages, being passed from department to department or listening to music from the 70s?
Tesco and agency, now Tesco and conveyancing.
I can see where this is going.
Bring it on, sols in the uk are up their own behinds, open 9-5 close for lunch, close at weekends, dont return calls, if playing golf no-one exchanges contracts, no feedback for anyone
come on tescos, wipe them all out. service is king