Come on you’d turn away if I said this was another “Tesco Law” will change things forever story. I read this post last Friday on the Guardian website and the part where it talked about brands got me thinking.
The Legal Services Board and its consumer panel are looking at the problems consumers have in identifying quality in legal services – research shows that people focus on service levels, which they can understand, rather than the ability of the lawyer to do the job, which is much harder to judge. They have a degree of respect "bordering on awe" for lawyers, the panel reported recently, and trust that the lawyer knows what he or she is talking about.
It is into this void that solicitors fear brand names will come and offer a consumer-friendly service that will win the loyalty of a public intimidated by the legal process. A recent survey by YouGov found that 60% of people would consider buying legal services from one of 16 named brands, from Barclays to Kwik-Fit, indicating interest in the concept but also a certain doubt at such a radical change in the traditional model.
It got me thinking about the big supermarket brands foray into the banking world. The Sainsbury and Tesco brand certainly shifted accounts of a number of their customers. I’m sure that customers of NatWest and HSBC when asked in 1996 whether they would consider banking with Sainsbury’s were equally sceptical, but Sainsbury’s Bank now has around 1.5m customers.
But look behind the banks and you’ll see the banking powerhouses, Sainsbury’s is a 50:50 venture with Lloyds Banking Group and Tesco for ten years until 2008 was 50:50 with the Royal Bank of Scotland.
What about in 2022 looking back at a “Sainsbury’s Legal Services” venture and seeing how the successful 50:50 joint venture between Sainsbury’s and Eversheds became a respected brand across consumer legal services? Should the high street lawyers be turning from worrying about the high street brands and look to see if BigLaw is about to move in on their territory to expand?