According to a recent study conducted by the Solicitors Regulation Authority (SRA) over 50% of UK adults, over 26m consumers, faced a legal problem in the last three years and each of the 5.6m small businesses faces an average of 8 legal issues every year.¹ Combined, this creates nearly 54m legal problems per year.
With the UK population growing by 3.6m in the next 10 years and regulations, such as GDPR, penetrating the everyday life ever more, these numbers will increase sharply over the coming decade.
This creates a massive need for legal advice from a large majority of the consumers and small businesses in the UK.Read more »
The same study found that despite the massive need for legal advice, only a small percentage actually seek help from solicitors.
Nearly 70% of consumers with legal problems do not seek formal advice and 90% of businesses with legal issues do not take advice from a solicitors.¹ This means only 7m of the total 54m or so legal issues in the UK being addressed by professional legal advice.
So while there is a record number of solicitors and paralegals in the UK, only a small fraction of the many million legal issues actually make it to these professionals.Read more »
This leaves the vast majority, over 85%, of the 54m or so legal issues in the UK unaddressed by professional legal advice.
This massive disconnect between legal needs not being met and the number of legal experts continuously increasing is a challenge. It leaves the largest market segment of consumers under- or completely unserved, with a huge market opportunity being completely dormant, while solicitors in many parts of the country have a difficult time staying profitable.
Some providers set out to offer legal review or quote comparison to tackle this challenge; however, this is not addressing the problem itself. The real market failure is caused by the outdated legal business model, making the process of getting legal advice difficult to navigate and expensive.Read more »