Implications of Brexit and COVID-19

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Dublin, 03 Aug 2021 (GLOBE NEWSWIRE) – The report “Legal Services for UK PME 2021: Consumer Research Report” has been added to ResearchAndMarkets.com offer.

SMEs have wide and varied legal needs and almost half have regular needs, i.e. a legal problem at least once a month.

These legal needs are addressed in many ways: Law firms and notaries are the primary source of legal advice for SMEs, but they are only used by one third of SMEs in this survey, reflecting the competitive nature of this industry. particular legal advice.

There are clear opportunities in this industry for legal advice providers, as nearly half of all SMEs expect to increase their demand for legal advice in the next 18 months and, in particular, will seek more legal advice. related to layoffs, new ways of working, changes in employment contracts and financial problems following the pandemic. More than half of the SMEs surveyed expect to lay off some of their staff at the end of their leave.

There are also opportunities for more flexible pricing models: hourly fees are still the most popular payment method, but more SMEs would prefer other options such as flat fees or fee / subscription-based models. The flexible approaches to the client-advisor relationship are illustrated by the fact that more than a quarter of SMEs have already integrated external legal advisers into their business at some point to fill staff gaps or to work on specific projects, for example.

The 2021 UK SME Legal Services Research Report is based on responses from 383 owners and senior executives.

Other titles from the survey include:

  • 65% of respondents had consultations with their legal advisor during the pandemic and half of them used the video for these consultations. Over 8 in 10 were comfortable with video viewing and would be happy to continue using this approach.

  • Information on prices on a law firm’s website would be a factor in persuading an SME to use this firm rather than one that does not publish a price: 80% of the participants agree.

  • About three-quarters would be interested in other professional services offered by law firms. A similar percentage would consider the legal services of accountants.

Main topics covered:

1. SUMMARY

  • Overview

  • Almost half of SMEs have at least one legal problem every month or more

  • Employment, taxation, contracts, health and safety – main legal issues

  • Various sources used for legal advice but run by law firms and lawyers

  • More than a quarter have used outside advisors in their business at some point

  • No standard approach to purchasing legal services

  • More than a third use law firms / lawyers a few times a year

  • Clear majority use the same lawyer for professional and personal advice

  • About 8 in 10 people are satisfied with most legal advisor service features

  • Choice factors guided by experience and reputation

  • A mix of pricing models but still significant hourly rates

  • Popular video views during a pandemic and more than 8 out of 10 comfortable with these

  • Obvious interest in other professional services of law firms and vice versa

  • Price information on a law firm’s website influences choice

  • Most likely layoffs and more hybrid work

  • Almost half of SMEs expect their demand for legal advice to increase

  • The need for legal advice related to Brexit will be there for a while

2. PRESENTATION

3. LEGAL ISSUES ARISING FOR SMEs

  • Minorities very frequently face legal problems

  • Almost half expect their requests for legal advice to increase

  • Jobs and layoffs after COVID leads future demand

4. AREAS OF LEGAL ADVICE

5. SOURCES USED FOR LEGAL ADVICE

  • Main sources of lawyers / law firms used but 14 other sources are also options

  • Various approaches used when obtaining legal services

  • More than a quarter have integrated outside legal professionals into their business

6. USE OF LAWYERS AND LAWYERS ‘FIRMS

  • Most law firms and lawyers are regular users of these sources of advice.

  • More than three quarters use the same law firm / attorney for a range of legal advice

  • Most of the features of the service are rated as good or better

  • Superior quality indicators – experience / reputation, understanding of the industry

7. PAY FOR LEGAL ADVICE

8. CONSULTATIONS DURING THE PANDEMIC

9. LEGAL OPTIONS / OTHER SERVICES AND PUBLISHED PRICES

10. SMEs AFTER BREXIT AND COVID

For more information on this report, visit https://www.researchandmarkets.com/r/piixwl

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