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Legal Services Act could spur firms to work a new tune.
A set of government reforms could radically shake up the dynamics of the entire insurance industry, according to one insurance law firm.
Richard Finan, director of Arc Legal Expenses, said this would appeal to brokers with large books of motor business due to “the income that can be generated from personal liability claims”.
He added that there has already been activity in the market, with Helphire acquiring the CS2 Group of legal services businesses from CS2 lawyers in 2007.
Mr Finan highlighted a potential conflict of interest if an insurance company wholly owned a law firm: “Legal expenses institutions could use the Act as an opportunity to bring their delivery of legal services in-house. But how impartial would its legal advice be if it wasn’t independent?”
A full copy of the article can be found at www.insuranceage.com