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Law Firms Tanking In Value

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The law firms mentioned here for sale are barely breathing. Yes, this is symptomatic of a market with very low sales but with turnover as low as 45K, how long will these ordinary high street firms be able to continue? It seems that the existence of a high st. lawyer is coming to a slow grinding halt, with the final death throes happening when the law opens its doors to the giant supermarkets.

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From Bottomline Consultancy - Law Firm sales

We are delighted to inform you that we have three new Practices to sell, all of which are available as going concerns.

The first is a Sole Principal Solicitors’ Practice with an office in Gloucestershire. The Principal is looking to dispose of the Practice as a going concern but would be willing to remain after disposal for a short while to smooth the transition. Turnover for the first six months of the financial year has reached £50,000 and it is anticipated that turnover for the full financial year will be at least £75,000. The workload is made up of Commercial Property [56%], Residential Conveyancing [29%], Wills/Trust/Probate [14%] and Miscellaneous [1%] - there is also a large will bank. The offices are in the centre of a Gloucestershire town in an excellent geographical location. Towns such as Gloucester, Cheltenham, Stroud, Bath, Cirencester and Swindon are all within easy reach. Nearby train services connects into Paddington and the M4 and M5 are just a short drive away. This practice does not hold any legal aid franchises.

The second is a Sole Principal Conveyancing Practice with an office in Worcestershire. The Principal is looking to dispose of the Practice as a going concern but would be willing to remain after disposal for a short while to smooth the transition. Due to the recession, turnover has dropped from a very healthy and profitable £100,000 to around £45,000 - £50,000 and is made up virtually exclusively of residential conveyancing although there are also around 1,000 wills and deeds. Apart from the Principal, there is one support staff. The office is leased with security of tenure and is based in the centre of a town with around 200,000 residents in an excellent geographical location. Towns such as Kidderminster, Droitwich, Worcester, Bromsgrove, Redditch, Great Malvern, Evesham as well as Birmingham are just a short drive away. There is a first rate train service connecting some of the aforementioned towns and the M5 is just a short drive away. This practice does not hold any legal aid franchises and has no outstanding claims with respect to professional indemnity insurance.

The third is a Two Partner Solicitors’ Practice with two offices – one in West Yorkshire and the other in East Lancashire, about 10 miles apart. The Partners are looking to dispose of the Practice as a going concern but one of the Partners would be willing to remain after disposal for a short while to smooth the transition. Turnover for the current year is in the region of £200,000 (£100,000 each office) and is made up of Residential Conveyancing [59%], Matrimonial [2%], Wills/Trust/probate [26%] and Miscellaneous [13%] - there are also about some 2,750 wills, deeds and some EPAs/LPAs. Apart from the Partners, there is one fee earner and three part time support staff. The Yorkshire office is leased and is based in a town with around 16,000 residents. The Lancashire office is based in a town with around 12,000 residents, is owned by one of the Partners and would be available for either sale or leasing. The Practice’s offices are situated in excellent geographical locations so that towns such as Harrogate, Keighley, Colne, Skipton, Barnoldswick, Earby, Ilkley, Clitheroe, Nelson and Burnley are just a short drive. In addition, towns such as Leeds, Bradford are within an hour’s drive. This Practice does not hold any legal aid franchises and has no outstanding claims with respect to professional indemnity insurance.

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Para legal firms are gutting the bread and butter for the high street solicitor - and a good thing too as the firms tended to high price, low quality, all you can rup off from little old ladies.

The cuts in Legal Aid are biting too, Legal Aid is nothing more than a public money to prop up Solicitors.

And No-win, no fee seems to have sunk quite a fee companies. Kicking off dumb cases along lines of 'My client, Waynetta sliiped on Tesco's floor, preventing her from pursuing her career as a brain surgeon' etc - only to be kicked out of court when the CCTV showed Waynnetta was not there.

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What about outsourcing of legal work? Is the same thing happening to accountancy firms/dept.s?

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Para legal firms are gutting the bread and butter for the high street solicitor - and a good thing too as the firms tended to high price, low quality, all you can rup off from little old ladies.

The cuts in Legal Aid are biting too, Legal Aid is nothing more than a public money to prop up Solicitors.

And No-win, no fee seems to have sunk quite a fee companies. Kicking off dumb cases along lines of 'My client, Waynetta sliiped on Tesco's floor, preventing her from pursuing her career as a brain surgeon' etc - only to be kicked out of court when the CCTV showed Waynnetta was not there.

There are tons of rubbish non law firms out there ripping off members of the public. For instance, 7 out of 10 notices to quit in Landlord and Tenant law are thrown out of Court because they are invalid. This is an area swamped by non lawyers. There's no professional indemnity, no consumer protection, nothing. These people also spread utter misinformation on the web, causing more mistakes to be made.

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There are tons of rubbish non law firms out there ripping off members of the public. For instance, 7 out of 10 notices to quit in Landlord and Tenant law are thrown out of Court because they are invalid. This is an area swamped by non lawyers. There's no professional indemnity, no consumer protection, nothing. These people also spread utter misinformation on the web, causing more mistakes to be made.

Tell me more about what is happening?

High street solicitors had completely lost the plot, with fees of over £150 an hour, and a licence to book whatever they felt was necessary.

Are we seeing the start of a move in the market to affordable law?

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Tell me more about what is happening?

High street solicitors had completely lost the plot, with fees of over £150 an hour, and a licence to book whatever they felt was necessary.

Are we seeing the start of a move in the market to affordable law?

I think if commercial property rents and business rates went down, you would see a more competitve edge. Right now, small high street law firms are being dessimated. Legal aid is one way to make money but that too is on the way down. I see the big supermarkets taking over conveyancing and probate, paying people much less and making huge profits. They can afford to be more competitive but of course once it's become a monopoly...

The big players in the game will profiteer at the expense of the small timer. So, to answer your question, IMHO, some areas of law will get cheaper for a time although this will be at the expense of many many jobs.

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Tell me more about what is happening?

High street solicitors had completely lost the plot, with fees of over £150 an hour, and a licence to book whatever they felt was necessary.

Are we seeing the start of a move in the market to affordable law?

I give it 5 years max and most of us will be visiting Tesco for our legal advice.

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Tell me more about what is happening?

High street solicitors had completely lost the plot, with fees of over £150 an hour, and a licence to book whatever they felt was necessary.

Are we seeing the start of a move in the market to affordable law?

Surely its a question of overheads not just profit margin that makes up the 150 an hour.

Whats the point of spending 5 years training...incurring large debt if you then only make 20 pound per hour? Should just left school an become a gambler (sorry banker).

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Para legal firms are gutting the bread and butter for the high street solicitor - and a good thing too as the firms tended to high price, low quality, all you can rup off from little old ladies.

The cuts in Legal Aid are biting too, Legal Aid is nothing more than a public money to prop up Solicitors.

And No-win, no fee seems to have sunk quite a fee companies. Kicking off dumb cases along lines of 'My client, Waynetta sliiped on Tesco's floor, preventing her from pursuing her career as a brain surgeon' etc - only to be kicked out of court when the CCTV showed Waynnetta was not there.

Whats so good about cut price cowboys? You pay for what you get...

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Surely its a question of overheads not just profit margin that makes up the 150 an hour.

Whats the point of spending 5 years training...incurring large debt if you then only make 20 pound per hour? Should just left school an become a gambler (sorry banker).

Ultimately it is all down the iron laws of supply and demand. If too much legal advice is supplied, prices go down.

If prices are forced up too high, the demand plummets. At the prices being charged, the cost of using the law was often greater than the injustices that you couldnt fix. That leaves you either having to lump it or find your own way of sorting out your grievances.

And when someone is faced with a choice at university on how to go, they have to make a choice. If too many go for a field, supply will rise and prices or wages in that profession will fall, that is how it is and how it should be.

The only role in government here is to stop collusion. Wasnt it Adam Smith talking about men colluding together for their own ends and against the interest of society at large? And Government needs to run the courts. And here there is a responsibility for them to do so without placing an undue burden on the taxpayer. Given the wages paid to judges, this is a responsibility they take too lightly.

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Ultimately it is all down the iron laws of supply and demand. If too much legal advice is supplied, prices go down.

If prices are forced up too high, the demand plummets. At the prices being charged, the cost of using the law was often greater than the injustices that you couldnt fix. That leaves you either having to lump it or find your own way of sorting out your grievances.

And when someone is faced with a choice at university on how to go, they have to make a choice. If too many go for a field, supply will rise and prices or wages in that profession will fall, that is how it is and how it should be.

The only role in government here is to stop collusion. Wasnt it Adam Smith talking about men colluding together for their own ends and against the interest of society at large? And Government needs to run the courts. And here there is a responsibility for them to do so without placing an undue burden on the taxpayer. Given the wages paid to judges, this is a responsibility they take too lightly.

The Court service also indicates a reasonable hourly rate for litigation work, depending on level of experience and area of the country you work in. The rates are not set by the lawyers themselves.

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Ultimately it is all down the iron laws of supply and demand. If too much legal advice is supplied, prices go down.

If prices are forced up too high, the demand plummets. At the prices being charged, the cost of using the law was often greater than the injustices that you couldnt fix. That leaves you either having to lump it or find your own way of sorting out your grievances.

And when someone is faced with a choice at university on how to go, they have to make a choice. If too many go for a field, supply will rise and prices or wages in that profession will fall, that is how it is and how it should be.

The only role in government here is to stop collusion. Wasnt it Adam Smith talking about men colluding together for their own ends and against the interest of society at large? And Government needs to run the courts. And here there is a responsibility for them to do so without placing an undue burden on the taxpayer. Given the wages paid to judges, this is a responsibility they take too lightly.

Trouble is it is not like that in the UK.. supply and demand does not appear to cover the excessive salaries paid to bankers and local government employees...both propped up by government funding and management self interest

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Trouble is it is not like that in the UK.. supply and demand does not appear to cover the excessive salaries paid to bankers and local government employees...both propped up by government funding and management self interest

Exactly. It is the role of Government to stop the collusion that causes excess profits. It has failed utterly with regards to public sector pay and regulation of the banks.

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When shopping around for conveyancing quotes, there was a huge difference in prices for what is relatively a straight forward job in most cases....and the most expensive is not necessarily the best, middle of the road is often quite adequate, recommendation also speaks volumes.....word gets around fast. ;)

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When shopping around for conveyancing quotes, there was a huge difference in prices for what is relatively a straight forward job in most cases....and the most expensive is not necessarily the best, middle of the road is often quite adequate, recommendation also speaks volumes.....word gets around fast. ;)

Cheapest is not always best...agree use recommendation...however should be viewed as an insurance policy on a substantial purchase

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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