The Law Gazette reports on the surprising results of a recent study commissioned by the Solicitors Regulation Authority, which delves into the preferences of business clients when choosing legal or paralegal service providers. The research found that more than 80% of small and medium-sized enterprises (SMEs) expressed satisfaction with both regulated and unregulated lawyers. However, concerns lingered about certain unregulated firms, as clients feared encountering rogue traders without regulatory standards.
The study also revealed intriguing insights into the legal advice-seeking habits of businesses. While 47% of surveyed companies turned to solicitors, barristers, or licensed conveyancers, 30% sought counsel from other businesses, such as financial advisers or claims management companies. Surprisingly, 20% primarily sought advice from non-professionals like family, friends, or online forums.
Although businesses generally preferred regulated providers, they perceived unregulated lawyers as more affordable and technology-driven, especially during economic downturns. As pricing remained a crucial factor in decision-making, the unregulated sector anticipated an increase in demand in the coming year.
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