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This could be a good thing. I hope it breaks the monopoly of traditional law firms where equity partners live the life of o’reilly on the backs of assistant solicitors.
I would like to set up my own limited company and offer legal advice at a modest cost to those currently unable to afford the usual £200 per hour.
At present I cannot do that because the Law Society has ensured there are so many rules and regulations which preserve the monopoly of the traditional law firms for the benefit of equity partners. For instance the cost of PII effectively restricts new entrants into the market.
Well done to the SRA

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