Why a trusted partner is so important to the UK legal sector
Read time : 2 mins Added: 06/11/2019
Lloyds Bank already works with more than four in five of the top 50 UK law firms and we’re investing to launch a range of new services designed to support the sector’s ongoing prosperity.
"Our evolving offer is inspired by what we learn during our day-to-day dealings with legal services firms."
Legal services contribute many billions of pounds to the UK economy and it has maintained its robust growth, even through the uncertainty that has dominated the last few years.
Now it feels like the sector is approaching an important moment in its evolution.
Numerous factors are aligning to heap pressure on traditional business models, including Brexit, increasing competition from overseas, the growing threat from non-traditional legal services providers, the ongoing drive to consolidate and the transformative potential of alternative sources of capital.
For firms to survive and thrive through the market disruption and innovation that will characterise the coming years, it’s going to be a big challenge.
Supporting strategic decision-making
We’re launching new services and sharing fresh intelligence designed to support strategic decision-making, like our Business in Britain report into the services sector, which you can download here.
Our researchers found sentiment in the sector is reassuringly robust; 83% of professional services firms expect turnover to increase over the next five years, against 74% of services firms generally.
We share that outlook, and we’re excited to report on the forthcoming Lloyds Bank products and services that will continue to support their growth, across lending, partner capital, risk management, cash management & payments and wealth.
Responding to changing needs
For example, we’ve put significant resources into an innovative new digital cash management and payments platform, which launches in 2020.
We’re doing this because we know legal firms’ needs are changing as their clients’ demands and expectations change too.
In response, our new platform will enable instant payments, domestically and internationally, as well as access to accounts on the move and, crucially, the kind of actionable data and insights that can drive strategy and success.
We’ve also agreed a multi-billion pound partnership with global asset management company Schroders to launch a new wealth management offer.
Alongside our Partner Capital loans, this will make financial planning easier to access for more people, providing a personalised, advice-led service, backed by best-in-class investment expertise and technology.
We’re doing this because we know that busy professionals want experienced wealth advisers to objectively review their circumstances and provide a tailored financial plan with access to a broad choice of quality assets.
So, we’re combining our own advanced digital capabilities with Schroders’ world-class investment expertise to launch what we’re confident will be a game changer in the industry.
Our evolving offer is inspired by what we learn during our day-to-day dealings with legal services firms. It’s because we’re always listening that so many legal services firms choose us as their de facto trusted partner.
About the author
Managing Director, Head of Professional Services
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