I was lucky enough to sit alongside some of the brightest media and comms brains yesterday (yes, I was obviously in the wrong room) to talk about future trends in the legal, professional and financial services industry and one over-riding factor came out when it came to dominance of these sectorsÃ¢â‚¬Â¦ The Supermarkets.
It is widely understood that the Supermarkets are hastily planning their next Ã¢â‚¬Å“added valueÃ¢â‚¬Â market sector to target having already branched out into financial services and financial protection and it is though that the legal industry is the next one to be attacked.
Law Society may have a few questions
Some supermarkets have been selling Ã¢â‚¬Å“Making a WillÃ¢â‚¬Â packs and alike to test the water but it is believed that they will be aggressively entering this market to try and offer a less expensive option than going to see a formal legal practitioner. It is not agreed to what extent the supermarkets will go after this business but solicitorÃ¢â‚¬â„¢s are already being warned by industry insiders that they may now have to start looking for additional income streams to supplement their fees. One of these could be financial and legal Ã¢â‚¬Å“one stop shopsÃ¢â‚¬Â where people can use the find the full range of financial and legal advice all under one roof.
It must be worrying for any industry if you have the SupermarketÃ¢â‚¬â„¢s peering over your shoulder.