A recent article published in the Journal revealed that, out of 381 firms reviewed by the Law Society of Scotland, only 109 published information about their pricing online.
Scottish law firms are not currently obligated to publish price information on a website in the same way as firms regulated by the Solicitors Regulation Authority (SRA) are required to do so for some public-facing services. However, the Price Transparency Guidance, issued by the Law Society of Scotland, confirms that firms should provide this information, and compliance with the Guidance is expected.
Key findings published in the article show that:
- Out of 381 firms reviewed, only 109 practice units displayed price information online.
- Larger practices with over 50 solicitors displayed pricing in 87% of cases.
- Out of 78 sole practitioner firms reviewed, only 20.5% displayed price information, and only 30% of 2-5 solicitor firms displayed price information.
In response to the findings, David Gordon, Lay Convener of the Law Society of Scotland Regulatory Committee, said:
“There has been progress since the Guidance was introduced in 2021 but it’s clear that there’s more to be done on making pricing information readily available to consumers.”
He added that unless improvements were seen across the industry, rules around price transparency may be implemented, saying:
“We are promoting the Guidance and the reasons behind it as a reminder for solicitors to make pricing information available. We plan to carry out additional research on compliance following the campaign and if further analysis shows that compliance with the Guidance has not improved significantly, we will consider next steps including whether to implement new Practice Rules about price transparency.”
Source: Why your law firm probably needs to improve price transparency right now
Importance of Updating Information Online
Solicitors who have not started to provide this information online, should take notice of these findings and proactively prepare for potential regulatory changes. We have seen several firms that fall under the SRA Transparency Rules face penalties for not meeting their obligations. As a result, they had to invest additional time and resources to update their websites in order to comply with the requirements and avoid further scrutiny and possible fines from the regulator.
By getting ahead now, firms can avoid a last-minute rush to update their websites if any transparency rules are enforced for Scottish law firms. Even in the absence of enforced obligations, the Law Society of Scotland has made it clear that it expects firms to comply with its Guidance.
Compliance For Law Firms in Scotland
Risk Management and Compliance are areas that a law firm cannot get wrong. The consequences of being deemed poor, at risk or breaching the Scottish Law Society (and other regulators) Rules and Guidance can be severe.
At the Regulation and Compliance Office, we have developed a range of cost-effective services and products for Scottish Law firms and their owners to ensure they have a fully compliant firm or to enhance and bolster what is already in place.
Our Services Include the following:
- Regulation and Compliance Service – including Risk Management and AML Risk
- Regulation and Compliance Outsource Guidance and Support Service
- MLR 2017 Regulation 21 Independent Audit
- Anti-Money Laundering Solutions
- Complaint Management Service
- Price Transparency guidance and content drafting
Find out more about our services: Compliance Services for Scottish Law Firms
For more information, contact the Regulation and Compliance Office and find out how we can support your Law Firm. Please call us on 0203 985 8550, complete the online enquiry form, or email us info@regulationandcomplianceoffice.co.uk
