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The Stobart Group – which yesterday made the surprise announcement of its intention to enter legal services – will today begin advertising its barrister-led offering, which aims to cut out the “waste” of instructing a solicitor separately.

AIM-listed online conveyancing business In-Deed – which last year became the first business to announce its intention to invest in law firms – has today begun its acquisition programme after admitting that its direct-to-consumer model is not growing as quickly as hoped.

Alternative business structures may well herald the demise of hourly billing as legal practice becomes even more competitive, the Master of the Rolls has predicted. Contingency fees and price comparision websites will also play a role.

The Legal Services Board has called on the government to support a bid by the Solicitors Regulation Authority for a massive increase in the amount it can fine law firms. The SRA wants to increase its power to fine law firms from £2,000 to £250m, and to £50m for individuals.

An expanding market, increased competition and the licencing of the first alternative business structures (ABSs), are leaving high street and traditional firms feeling they are facing a ‘David and Goliath’ scenario – so they need to choose their weapons carefully to outmanoeuvre their competition.