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Anonymous 19 June 2017 15:59 GMT - I think it is a big deal, because -
a) much of the work of the legal profession does not involve any aspect of reserved legal activities;
b) even where it does, the aspects of e.g. conveyancing or litigation which are in fact reserved legal activities are very narrowly defined, so it may be possible for firms to hive off the bulk of such work into unregulated firms.

But I have looked at the issues for some firms and care is needed as the concept is easier to propose than to achieve.

And that is all subject to my earlier comments below, on the risks of financial crime and the perils for consumers.