5th November 2015 Anna Rogers comments in Pensions World re PENSION LAWYERS A market on the move
Anna comments in Pensions World on how recent developments in pensions are influencing lawyers’ service offerings. Anna explains the rationale behind ARC’s business model: “The Budget freedoms may mean that occupational pension schemes shrink in size dramatically in the future, accelerating the existing move to the insurance sector driven by buyins, buyouts and winding up. Also, closure to future accrual and the continued low interest rate environment means that pension schemes are seen as simply a cost rather than a benefit to the sponsor’s business.”
“This leads to greater pressure on legal costs. Sadly, some law firms are allowing their pensions teams to operate as ‘run off’ practices with little or no investment for the future. We believe this increasingly tough and competitive market gives an opportunity to attract good people, streamline certain pensions legal services and share the benefits with our clients.”
She adds: “Law firms designed to focus on a niche market can offer a real alternative to full service firms.”
Read the full article in Pensions World here.
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