Is it better to stick your head in the sand and hope that the full implications of the Legal Services Act 2007 will not affect you? Or, is it better to accept that, like it or not, this is a reality and that a passive approach is not enough?

Managing Partner’s new report on – The Future of Legal Services - features the sought-after views and predictions of renowned legal services specialists on how market trends and regulatory changes are currently shaping the future of legal services:

• Author of the Hunt review on the regulation of law firms, Lord Hunt of Wirral;
• Specialists on law firm finances – Dan DiPietro of The Law Firm Group Citi Private and Peter Scott of Peter Scott Consulting;
• Legal consultants – Alan Hodgart of H4 Partners, Tony Williams of Jomati Consultants LLP, Frank Maher of Legal Risk LLP and legal technology writer Charles Christian;
• President of the Law Society – Robert Heslett; and
• Senior and managing partners – Joy Kingsley of Pannone and Sir Nigel Knowles of DLA Piper.

Not only do they reveal their visions for the future of the law firm and the ‘new world’ of legal services, but they provide expert advice on how to tackle the foreseeable challenges and opportunities.

“This once-in-a-lifetime revolution in legal practice is not just about ‘Tesco law’; it is about issues as diverse as the risk of your best staff being poached by corporate bodies offering better pay and conditions, new ways to raise investment in your firm – or your competitors’ firms – consumer-friendly compensation schemes with substantial jurisdiction, and a new era of more onerous regulation with a heavy burden of compliance.” Frank Maher, Legal Risk

“It is clear that of the smaller law firms, sadly many will not last until 2012. The recent professional indemnity renewal round is estimated to have caused, at least, 500 law firms to close.” Tony Williams, Jomati

“The way I see the legal business developing over the next few years will probably not be welcomed by some law firms. There is a natural desire amongst lawyers to return to the golden era of the past decade when the sun shone on everyone, billing rates could be hiked every year, and clients would pay the going rate because that’s what they did.” Sir Nigel Knowles, DLA Piper

“It is true that the soft job market has resulted in a significant drop in voluntary lawyer attrition in the past few months. But I anticipate that once the economy turns around, associate attrition will go back up.” Dan Dipietro, The Law Firm Group Citi Private Bank

“The internal structure of law firms will change profoundly.” Alan Hodgart, H4 Partners

“Firms which continue to support employee engagement, flexibility, reasonable work-life balance and create a place where people want to work, will be those which come out of the recession with their key commodity – their workforce – intact.”Joy Kingsley, Pannone

While no crystal ball, The Future of Legal Services reveals the thoughts and perspectives of the legal world’s best-known experts, on where the legal service industry is heading.

There are two types of people – those who shape events and those who are shaped by events. Which are you?