14 Sep, 2011
The justice secretary, Ken Clarke, is expected to express his support of the well-publicised Legal Services Act, also known as ‘Tesco Law’ today (14th Sept), in a claim that it will assist efforts to boost the economy.
Mr Clarke is to give a speech promoting UK legal services, and is expected to back ‘external investment in law firms and the liberalisation of the profession’, the BBC reports.
In the speech to be given at the Clifford Chance office in London, Clarke will state that allowing capital from outside the legal profession will allow law firms in the UK more of a competitive edge on rival firms from overseas and could help boost the industry.
Coming into force in October, the Legal Services Act (LSA) will allow law firms and chambers to take capital from outside sources or to take part in initial public offerings through Alternative Business Structures (ABS). It will also allow companies from the commercial sector to provide legal services.