Originally Posted by Unregistered

I agree that it will largely affect the small-mid firms. The fees are still no where near high enough for "high value" litigation work. Fees in a big firm for a 10mn file can range from 600k to 1m. The difference is that clients who require "high value" work are far more likely to agree to exclude scaled fees.

What I think will be the end result would be further stratification of the legal profession. As fees for the small to mid firms go down, these firms will push down their juniors salaries. Coupled with the new rules on qualification, the legal profession will become less and less of an attractive proposition. This will eventually lead to a lack of juniors. We'd become more and more like the HK legal market. Probably not the intended result.