Now isn’t the time for a call for cash

By Matthew Briggs In Legal News

Last week I read the news that Review Solicitors was calling for cash in return for an equity stake in the review website. As you might imagine, any announcement in the ‘comparison’ market tends to catch my eye, but this one held particular interest for me. Not least because the topic came up in discussion on several occasions through the course of that day.

As I spoke on this subject with a range of people – including Partner law firms and our own investors here at The Law Superstore – it was clear that everyone I spoke to was of the same opinion: now isn’t the time to call for cash . . . certainly not from where we are positioned at The Law Superstore. 

Let me elaborate.

As the CEO of the first real-time comparison website for the legal services market, my two primary concerns are catering for the legal service providers we partner with, and the man or woman on the street who wants easy access to a range of legal services at the click of a button. Having carried out extensive research on both sides of that coin, we have formed a clear picture of what both parties want from the first whole of market comparison website. 

The fact of the matter is that law firms have been burnt before by investing in something that doesn’t materialise or provide a return on investment. This has only fuelled the aversion to risk that has been commented on by the likes of the Legal Services Board and the Competitions and Markets Authority. We understand that to earn the trust of legal service providers and prove the effectiveness of our model we must remove barriers such as upfront fees and risky equity stakes.

As a result, The Law Superstore is completely free to feature on for firms and we are even offering up to 3 months free from referral fees. This will allow partners to gain confidence in our site without any risk at all.

On the other side of the coin, we know that consumers generally are getting more sophisticated with how they buy products and services. A huge percentage of the market now use the Internet to research, compare and make contact with companies who can provide those products and services – and this will only increase as the next generation of digital natives comes through. 

While sites like Review Solicitors give people the chance to review a solicitor, they don’t tell clients how much a service will cost or compare providers on a level playing field. Thanks to comparison sites in the insurance sector and financial markets, clients now demand more from their web services.

Our research also tells us that buyers of legal services want to compare across a wide range of different criteria and attributes of the law firm. That’s why with The Law Superstore a client has the choice to instantly select and compare from over 30 different criteria, including accreditations, location, opening hours, pricing, client reviews and much more. All of this can be done in real time, free of charge to the client and via almost any web enabled device. 

The legal profession is set to experience a significant change in the next three to five years as technologies develop and the way clients find and buy legal services changes. The Law Superstore will be at the forefront of this change, but we understand that we have a responsibility to work alongside our partners and clients to make this transition a smooth one.

Review Solicitors revealed last week (17.05.16) that it was offering a year’s free membership and an equity stake to lawyers in return for an upfront investment of at least £3,000.

Interested in finding out more about The Law Superstore? Visit www.thelawsuperstore.co.uk/partners now.

Sign up for our monthly digest

Thank you for subscribing!