- Sep 7, 2024
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Hello! I am just completing an assessment now and I have been asked about recent changes in the legal industry which may affect the firms business. As this is my first application round and I am still very new to all this - would talking about the recent Spring Statement be good? I know it is not strictly the legal industry but obviously it will have impacts
Any advice would be amazing!
Hiya @CupOfTea17
I think you're right to question whether the Spring Statement (which is fundamentally a fiscal policy update) would count as a change in the legal industry per se. Most of the content in the Spring Statement (e.g. updates on inflation, tax thresholds, public spending plans) impacts the broader economy rather than the legal industry directly. Unless the question specifically invites you to discuss external developments that might impact the firm’s business, it might not be the strongest fit. If the question asks about changes in the legal industry, then you’ll want to focus on things like:
- Regulatory shifts (e.g. the SRA’s changing stance on hybrid working or tech use)
- Changes in litigation funding and regulation (see here)
- Law firm mergers, new practice areas, or the increasing interest that PE firms have in acquiring law firms
Hope this helps and let us know if you have any other questions!