England and Wales currently share the similar laws across borders; however, according to a new report many Welsh firms do not want national firms entering its legal sector. This comes after the government continues to push for English firms to expand into Cardiff.
Interviews carried out with Welsh firms found that many were not in any way excited by the possibility of further competition within the legal sector across Wales. As more strain is placed on smaller firms with government cut backs and legal aid cuts many now fear the potential of further competition from larger national firms.
However, the research found that many small firms were not concerned about growing competition within the sector entirely but instead the potential of national firms taking highly trained staff from their own and other smaller firms with the offer of better pay and more stable career opportunities; this in-part putting their own smaller firms at risk.
Although, the report also went on to highlight the need for Welsh firms to continue developing within the legal sector and also specialise in other forms of law in order to grow the legal sector; this in-part the reason that the Welsh government saw it as an essential economic move to welcome national firms into the Welsh legal sector.
While the legal sector is extremely competitive many believe that this competitive form of enterprise would in-fact increase both legal standards and Wales’s own economy with national firms offering more benefits to the country financially and also being able to employ a large number of residents. While smaller firms often offer less financial benefits to the government in the short and long term; the likelihood of national firms making their way into the Welsh legal sector is certainly increasing, however, not likely in the foreseeable future at this point in time.
Ashton Hudson, Online Marketing Executive