SRA Transparency Rules: are you seeing the benefits?
Wednesday, 21 October 2020
The Solicitors Regulation Authority (SRA) Transparency Rules were first introduced in December 2018, with additional elements introduced in November 2019.
The SRA Transparency Rules require regulated law firms to publish their pricing and service information on their websites for specific legal services such as conveyancing and probate. Firms also must publish their complaints procedure and display the SRA clickable logo which proves the practice is genuine. For firms without a website, this information should be available in other formats. For a reminder of the requirements, see our previous blog on SRA Transparency Rules.
Almost one year on from when the SRA Transparency Rules came into full effect, IRN Research has conducted a one-year review of the reform.
Some key findings of the SRA Transparency Rules survey were:
- 77% of consumers found it easy to choose a legal advisor based on the pricing and service information online.
- Lowest price is not the determining factor for 80% of consumers. Rather, the choice is driven by a combination of factors, including price, experience, recommendation, level of service and location.
- 29% of law firms agree that publishing price and service information has been good for business.
- 68% of firms said they are publishing the required information on pricing and service and 90% said they are displaying the SRA clickable logo.
- Implementation of the SRA Transparency Rules has not caused any significant additional costs to law firms.
The full SRA Transparency Rules research report can be found here.
The effects of COVID-19 continue to be felt by many businesses, requiring them to adapt to the current situation. With the statistics above indicating that 77% use pricing and service information online to help them choose a legal advisor, and with consumers increasingly shopping online, this is an opportunity not to be missed to help win new clients.
Not only that, the SRA still expects you to meet your obligations despite disruption to the usual ways of working due to COVID-19.
If you’re concerned about compliance with the SRA Transparency Rules or need any help on understanding your firm’s pricing models, we can help.
Please get in touch with a member of our Legal team. You can find contact details on the Our People section of the Larking Gowen website. Alternatively, call 0330 024 0888 or email firstname.lastname@example.org.