This article was first published in Modern Law magazine in June 2015.
Is excessive regulation stifling innovation within the legal sector?
All the evidence suggests that it is not. If there is a constraint on innovation, I believe that it lies elsewhere. I return to that later, but first let’s look at regulation.
There is ample evidence of high levels of innovation in two areas of the legal profession. First, established law firms often distinguish themselves by producing brilliant innovations in specific parts of their practice, for particular client types, service lines or sectors. Second, new entrants to the legal market place, who operate within the same regulatory framework as established law firms, bring with them innovative business models, which frequently display a different top-to-bottom approach to the delivery of services.