Plans to improve price transparency in legal sector approved by LSB

Plans to improve price transparency amongst solicitors and law firms have reportedly been approved by the Legal Services Board (LSB) in recent days.

The proposals, which have been put forward by the Competition and Markets Authority (CMA), recommend a series of changes in the sector geared at helping legal services consumers to make easier, better-informed decisions on which law firm to go to for advice.

In December 2016, the CMA said that there was currently not enough information available to consumers, and that legal services providers should have to display detailed information on fees and associated costs on their websites and in other advertising material.

It also said that so-called price comparison sites should be developed in the legal sector to enable consumers to compare service providers in one place.

The proposals have now been given the green light by the LSB, which has said that the CMA’s recommendations “represent a sufficient starting point for the necessary reforms which will increase market transparency.”

The group added that the new measures will ensure that there is better information available for clients in relation to price, quality, regulation and redress.

Neil Buckley, Chief Executive of the Legal Services Board, said: “We also highlight some areas where more work is needed by some regulators to address the challenges outlined by the CMA.

“These areas include understanding current levels of transparency, finding the right mix of mandatory requirements and voluntary guidance and enabling consumers to compare the quality of legal services as well as price.”

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