Take a walk through the annals of the legal industry over the last 10 years and the legal costs area, like most, has experienced its fair share of changes.  

The legal industry, together with its numerous sub-professions, has been no stranger to evolution fuelled by statutory, regulatory and economic influences.  

In the current climate the topics which are hotly debated in costs circles stir interesting responses depending on to whom you speak.  

Where ever you look in the legal press the subject of the Carter Reforms is not far from the front page.   Alongside reports of these reforms comes the most recent revelation from the ALCD Council that the Association has been granted 'authorised body status'.  

A new era for legal costs?   Both these issues have an impact on the costs industry and the professionals whose careers fall within it.   But whilst the latter issue aims to add value to the profession by improving the recognition and status of costs professionals under the Associations banner, the former potentially leaves many skilled costs professionals with some serious questions to be answered.  

As the Association continues to go from strength to strength as a result of years campaigning on behalf of its members, the benefits of membership are there for all to see.   The reputation of the ‘old boys network’ has been left behind in pursuit of advancing the Association and the interest of its members.  

On that note, it was only ever the ‘old boys’ who had practised costs for years who were unwilling to embrace the Association.   Now, there is a new breed of costs professionals.   Those who have been introduced to the profession in recent years are reaping the rewards of training and advice from their peers whilst looking to develop professionally under a recognised banner.  

So, whilst on the one hand the costs profession is taking significant steps forward, the other confronts us with the issue of the Carter Reforms.  

One of the most common questions at interview is ‘where do you see yourself in 5 years time?’  

Try asking this of a costs professional who has spent the last 10+ years producing Criminal Legal Aid Bills.  

The Carter Reforms are set to dramatically reshape the publicly funded areas of the legal profession and with this come significant ramifications for costs professionals who specialise in this area.  

It is expected that the pool of publicly funded criminal work will dry up and leave a raft of costs professionals wanting, and possibly having to face up to one of the following:

- Redundancy
- Cross Training
- Get out now!  

Facing redundancy is clearly an unenviable position for anyone, especially if you have committed a lifetime to a single profession.   However, contrary to popular opinion, it is often the start of an interesting new journey.  

Costs professionals facing redundancy must consider a few options;  

1) Choose to stay within legal costs and search for a similar role, although in light of the reforms this may well prove a challenge as competition for the few roles available will be fierce.

2) Choose to stay in the costs profession and retrain in a new area of costs.

3) Consider a career change.   The key is to be able to identify your transferable skills and apply these to a new profession.  

In the next issue we will review the skills of a costs professional and the potential options open whether it be retraining within the profession or searching for employment further a field.