A survey carried out by law firm Goldsmith Williams has revealed that 76 per cent of brokers, sampled from Goldsmith Williams’ database, were completely unaware as to what an Alternative Business Structure (ABS) is, leaving them unable to take advantage of the opportunities that will be presented.
A sizeable proportion of brokers, 63 percent, did not understand the full implications that the Legal Services Act could have on their business, including the fact that it could potentially open up new avenues for additional income.
Goldsmith Williams have conducted the survey ahead of their forthcoming event, The Legal Services Act – Taking the law into your own hands, which is set to take place on 27th June in London.
Through the implementation of ABS businesses that are not part of the legal sector can offer a wide range of services, under their own brand.
Eddie Goldsmith, Senior Partner at Goldsmith Williams, said:
“We weren’t surprised at all by the findings, in fact they highlight exactly why we are holding the conference.
"The legislation will herald the biggest change in legal services delivery in decades and the mortgage industry should be ready to take advantage of all the opportunities that it presents.
"The event will explore how the mortgage sector can prepare for the introduction of the act and be ready to evolve and grow their businesses through offering these new services.”