ABS – A view from the other side.

Here at Today’s Conveyancer we are happy to publish balanced guest articles submitted by our members, such as the article below which has been submitted by Rob Hailstone of The Bold Group.
I attended a very interesting conference recently hosted by forward thinking firm Goldsmith Williams (a Bold Group member). The main reason the conference was so interesting was that it was aimed at those who are thinking of investing in or becoming an ABS. In other words, the view from the other side.
I could have produced my own set of notes based on what was discussed but I would be repeating many things I have said or reported on previously to members of the Bold Group. However, three main points jumped out at me:
Out of an audience of over 70 only a few were from law firms, the majority were from potential investors, lenders and insurance companies etc
There will be many more ABSs created over the next twelve months or so than I imagined
If you have not started serious internal discussions about how you should prepare for the future you really need to do so, now. Not only will you be competing against new entrants but also against many of your current competitors in their new guise
I do not believe that there will be a ‘big bang’ in October, nor am I prone to knee jerk reactions, histrionics, or turning a drama into a crisis but the time has come for those law firms who want to survive and prosper to start creating and implementing a well thought out, strategic, costed, action plan with firm timelines.
What next?
Arrange your own internal meeting to discuss the future. Bring in trusted but lateral thinking outsiders. Looking at the same faces with the same thoughts and ideas may not get you anywhere
In order to compete effectively you might not need to make a huge change. Making a number of small, practical changes, might well suffice
Join the other 150 (and growing) Bold Group members who realise it is an easy and competitive way to obtain help, new ideas and stay informed www.theboldgroup.co.uk
Rob can be contacted by email [email protected] or on 07817 630714.
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