Legal firms facing uncertain future
By Rob Freeman | 4th May 2020
The Law Society has warned that many solicitors' firms are facing an uncertain future as the coronavirus pandemic hits trade.
The loss of legal firms could have a devastating impact on home buying, consumer law claims and crucial advice for vulnerable people.
Research shows 71 per cent of community law firms say they were on the brink of collapse following a sharp drop in earnings.
Law Society president Simon Davis said: "The shock to the legal services sector has been sudden and severe.
"There are widespread concerns over liquidity as firms face a dramatic plunge in income with work falling away."
While many high street firms remain open, business has taken a major hit with residential property transactions all but stopping, a reduction in court hearings and social distancing making the process of executing wills difficult.
The Law Society represents about 140,000 practising solicitors in England and Wales with almost 800 firms responding to the survey.
Punchline says this is terrible news for Gloucestershire's towns and villages in which solicitors firms play such a huge role, often unseen by the public.
Legal firms are the real backbone behind the high street and are interwined with so many other businesses.
They tend to do an awful lot as the unsung heroes throughout the community, sponsoring business events, business breakfasts and are at the heart of many of our local charities.
They do many things behind the scenes but are highly prized members of our business community.
If we start to lose them, the high street is in an even worse state than we thought.
Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.