Association of Costs Lawyers’ president Michael Bacon writing in a recent edition of Costs Lawyer magazine commenting on a Legal Services Board report on the work of the Costs Lawyer Standards Board:
“…the most interesting element of the report relates to the question of entity regulation. The LSB points out that once transitional provisions are lifted (expected in 2014), Costs Lawyers offering reserved legal activities, who are not sole traders, will have to be regulated as an entity. If the CLSB has no arrangements to regulate entities, such individuals will either have to cease trading or find an alternative entity regulator.”
Just as the bottom drops out of the costs market a new layer of, no doubt, expensive regulation will be foisted on the profession. Costs Lawyers will probably be the smallest most highly regulated profession on the planet by 2015.