It crossed my mind today when reading some of the other threads that lots of people seem to be prepared to take on legal tasks on a DIY basis nowadays,rather than referring them to a Solicitor as used to be done of old
For example you hear about people
1) Doing their own wills
2) Taking out probate
3) Downloading templates of letting agreements
4) Avoiding litigation in the collection of debts
5) Researching legal matters on-line and getting "free answers"
6) Some are even starting to get involved in simple conveyancing
7) Some have taken to defending themselves in Court.
In many cases, I get the feeling that people are willing to take calculated legal risks with more minor matters to avoid legal costs OR to undertake legal tasks where they believe that Solicitors are not adding enough value.
As we all know, The number of property transactions has collapsed in recent years and professional indemnity premia have soared which makes me believe that lots of Solicitors must be under huge pressure to survive.
As a businessman, I come across a lot of Solicitors in my daily chores. A good solicitor with a commercial flair is worth his / her weight in gold.
However this type of Solicitor seems to be the exception rather than the rule and in very short supply. Many solicitors that I have come across in recent years seem to be stuck in a time warp, with limited ability and I often get a feeling that they are adding more cost than value to the tasks on hand.
As an example and not so long ago I came across a case where a landlord was desperately trying to let out a commercial premises. After two years lying vacant and on the market, a tenant was found and the basic terms were agreed. The landlord handed the matter over to his Solicitor and the Solicitor proceeded to "blow the deal". The Solicitor blew the deal by insisting on every sort of indemnity and insurance and onerous condition imaginable "to protect his clients interests" Now the Solicitor was actually doing a good job trying to protect his clients interests from a legal point of view but he failed to understand that there were 15 other premises for letting in the same park and anyone (except him) could see that there was a limit to what he was going to get from the new tenant before the deal would collapse. The deal did collapse and the prospective tenant is now renting the unit,next door. The unit in question still lies vacant today and the Landlord is in extreme financial straits. This is a typical case of what I have experienced with Solicitors in recent times. And to be fair, I can understand that the Solicitor might be trying to cover his rear end, by making sure that all the "i"s are dotted and all the "t"s crossed and making sure that the client doesn't come back to him later with a negligence claim.Presumably that is a huge part of the problem. The Solicitor may feel he has to take a certain approach even if it doesn't result in the best outcome for the client. It follows from this, rightly or wrongly, and some people are beginning to figure it out, you wont necessarily or always achieve the best outcome by engaging a Solicitor.
So whats my point ? My point is that Solicitors will have to add much more value to their clients overall interests in the future if they expect to earn a fee. The modern client is clearly much more demanding, much more educated and has easy access to legal resources on the internet. My feeling is that people have "wised up" and will only pay Solicitors now where real value is being added.
For example you hear about people
1) Doing their own wills
2) Taking out probate
3) Downloading templates of letting agreements
4) Avoiding litigation in the collection of debts
5) Researching legal matters on-line and getting "free answers"
6) Some are even starting to get involved in simple conveyancing
7) Some have taken to defending themselves in Court.
In many cases, I get the feeling that people are willing to take calculated legal risks with more minor matters to avoid legal costs OR to undertake legal tasks where they believe that Solicitors are not adding enough value.
As we all know, The number of property transactions has collapsed in recent years and professional indemnity premia have soared which makes me believe that lots of Solicitors must be under huge pressure to survive.
As a businessman, I come across a lot of Solicitors in my daily chores. A good solicitor with a commercial flair is worth his / her weight in gold.
However this type of Solicitor seems to be the exception rather than the rule and in very short supply. Many solicitors that I have come across in recent years seem to be stuck in a time warp, with limited ability and I often get a feeling that they are adding more cost than value to the tasks on hand.
As an example and not so long ago I came across a case where a landlord was desperately trying to let out a commercial premises. After two years lying vacant and on the market, a tenant was found and the basic terms were agreed. The landlord handed the matter over to his Solicitor and the Solicitor proceeded to "blow the deal". The Solicitor blew the deal by insisting on every sort of indemnity and insurance and onerous condition imaginable "to protect his clients interests" Now the Solicitor was actually doing a good job trying to protect his clients interests from a legal point of view but he failed to understand that there were 15 other premises for letting in the same park and anyone (except him) could see that there was a limit to what he was going to get from the new tenant before the deal would collapse. The deal did collapse and the prospective tenant is now renting the unit,next door. The unit in question still lies vacant today and the Landlord is in extreme financial straits. This is a typical case of what I have experienced with Solicitors in recent times. And to be fair, I can understand that the Solicitor might be trying to cover his rear end, by making sure that all the "i"s are dotted and all the "t"s crossed and making sure that the client doesn't come back to him later with a negligence claim.Presumably that is a huge part of the problem. The Solicitor may feel he has to take a certain approach even if it doesn't result in the best outcome for the client. It follows from this, rightly or wrongly, and some people are beginning to figure it out, you wont necessarily or always achieve the best outcome by engaging a Solicitor.
So whats my point ? My point is that Solicitors will have to add much more value to their clients overall interests in the future if they expect to earn a fee. The modern client is clearly much more demanding, much more educated and has easy access to legal resources on the internet. My feeling is that people have "wised up" and will only pay Solicitors now where real value is being added.