SRA Price Transparency - Update & Best Practice for Law Firms

Introduction

Driven by the Competition and Markets Authority’s final report ‘Legal services market study’ of December 2016 and the increasing desire for a customer centric focus on service, the SRA imposed the need for all law firms to publish prices covering a wide area of work from 6 December 2018, including residential conveyancing, uncontested probate, summary motoring offences, non-asylum immigration, unfair or wrongful dismissal employment cases, debt recovery up to £100,000 and licensing applications for business premises.

Despite this being a strict requirement for more than five years, the statistics suggest that only around 50% of law firms are complying successfully.

This must be considered against the requirements having ‘teeth’, since the SRA can take action where the rules are wilfully ignored, including fixed penalty fines of £750 for first offences of failure to publish information and £1,500 for subsequent breaches.

In addition, rushed compliance or a lack of pricing sophistication has led to many firms simply competing on price, having a dramatic effect on profitability, as well as image in the marketplace.

This webinar will tackle how to comply with the rules, keep your image and standing against the competition intact, and importantly, how to insulate yourselves against a price war and lost profits.

What You Will Learn

This webinar will cover the following:

• The background to the rules and what they say
• An overview of the practice areas affected, and specific issues faced with each of these
• How to comply and avoid being ‘tied up’ on pricing
• How proper scope, assumptions and exclusions are critical
• Solutions to avoid taking up valuable resources and fee earning time
• Tactics to adopt to remain profitable and have the competitive edge
• The art of fixing a fixed fee with commoditised work to avoid profit loss

This pre-recorded webinar will be available to view from Tuesday 8th April 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email [email protected] for more details.