Just as the profession has changed over the past five years, so has the Law Society.

The Society voluntarily separated its regulatory and representative functions before the passage of the Legal Services Act. The duties of an approved regulator remain with the Society, although the function of regulation has long since passed to the independent arm, the Solicitors Regulation Authority. The representative function has grown and will continue to grow increasingly professional as a consequence. The Society now stands as a first-class campaigning organisation that strives to meet the needs of its members.

The separation of functions has given the representative Law Society a further goal – to provide value to the profession that pays for it and to offer a strong return on the practising certificate fee through its services and actions. It is in recognition of this fact that the representative Society has frozen its budget for the next year to avoid placing any further strain on its members during difficult economic times.

Alongside these developments, and perhaps in some ways because of them, the Society has a greater opportunity than ever to provide leadership in uncertain times. The Society exists to support the profession and the public interest, and it does the profession a disservice if it does not confront issues and take a view. I am reminded of the maxim that while a leader takes people where they want to go, great leadership means taking people where they ought to be.

And so to alternative business structures. For some they present a significant opportunity, and for others they are seen as a major threat.

ABSs make it possible for legal services to be provided by organisations that have no historic connection with the legal profession, and from the point of view of almost all at Westminster that is an exciting prospect. From a political perspective, ABSs are a fait accompli. Yet the future is far from certain in terms of those who will take advantage of change. There is talk of major providers desperate to enter the market, but in times of recession many have become coy as to their true intentions. Some investors have declared an ambition to acquire an interest in those firms from which there is a good prospect of a reasonable return on their investment, but there is considerable uncertainty as to how life would subsequently change for partners or employees.

The Society has always supported choice in the provision of legal services. Having had a hand in shaping the legislation that made ABSs possible, the Society cannot divorce itself from a development authorised by statute. To do so would mean the loss of any ability to ensure that the vision of the Legal Services Act is realised, that rules and regulations for all providers are uniform, and that access to justice is properly maintained.

There is anxiety about the introduction of new competition into an already competitive market, on the high street in particular. The implications for many solicitors may not be positive. Some current practitioners may have to work for new providers and the unpleasant truth must be faced that some firms may find it impossible to survive.

Yet there is a strong argument that change will present great opportunities for those who can provide tailored high street services at a cost that is comparable with, if not the same as, their future competitors. In particular, they will need to be able to deliver the kind of close personal relationships that form the essence of client service and which new providers may struggle to provide. Change may well highlight the value that solicitors bring in terms of their services, acting as trusted advisers and not as simple providers of services delivered to a restricted template designed for a mythical ‘average’ consumer.

The Society has to encompass, think and react to the demands of the future and the needs of its members.

Over the coming months, the Society will be providing an increasing volume of information and support for solicitors interested in capitalising on the opportunities available through ABSs. For many, immediate personal gain will not be the driver. Releasing the value or part of the value of accumulated equity will provide for further investment and development. In particular, the Society will be creating a number of networking opportunities across the country designed to bring together firms, potential investors, regulators and business intermediaries to explore the possibilities that ABSs present.

At the same time, the Society will be helping firms to deal with the changes in the legal services market and to react with improvements in existing expertise and process to provide services that others cannot match.

Amid all this, the protection of the public remains paramount. The consumer interest and the client relationship have to be defended by rules no less stringent than those binding firms who already provide legal services. What is clear is that the high street could change considerably, which heightens the need for access to justice and high ethical standards to be key considerations and pre-conditions of ABS approval. The Society will be fully engaged during the development of licensing arrangements to ensure that there is no slippage from the clear statutory requirements on these vital issues.

The Society continues to lead the profession in the development of a regulatory framework within which modern, successful law firms can flourish and which provides the public with affordable services at a standard on which it can rely. Above all, the continuing focus amid a sea of change must be to do all that is possible to secure access to justice for all and thereby preserve the foundations of society, built on the rule of law.

Robert Heslett is president of the Law Society