The legal sector is experiencing an unprecedented period of change, is increasingly over supplied and faces further regulatory pressures.
Key challenges can be identified as new entrants to the market in the shape of non-lawyers and non-law firms delivering legal services via Alternative Business Structures [ABS], mounting cost pressures, and the introduction of technology that is transforming the way that legal services are delivered.
However, innovation and adopting new practices, in particular identity validation, could be one of the answers to protecting their revenue streams in the current environment. In today’s post Jackson landscape, if a claimant lawyer accepts a client or registers a claim on the Claims Portal, without applying early and relevant due diligence, they run the risk of expending time and resource progressing a claim which ultimately could be declined and for which they will not receive their fixed fee.
Furthermore, there are discussions that could lead to the introduction of a charge for each claim registered on the portal by a claimant lawyer. There are a number of internet based ID Validation and AML services available to the legal sector.
AML Check | Anti-money laundering checks | AML compliance
Look at the most commonly asked questions in relation to Anti-Money Laundering to understand why and how you can strengthen your compliance processes.