The network of high street law firms said it had been contacted by close to 100 member and non-member high street solicitor firms with more still getting in touch on a daily basis.
Many expressed frustration, disappointment, confusion and for those firms who had their client accounts with HSBC for many years, extreme anger.
A number of firms are considering what action they could take against HSBC.
Rob Hailstone, founder of The Bold Group, said it was understandable that many law firms felt both threatened and angered about HSBC’s decision.
He said: “I strongly believe that within a relatively short period of time, HSBC and its mortgage customers will regret this badly thought through and poorly implemented development and I would urge HSBC to reconsider its position now.
“HSBC’s recent decision will not only cause concern among conveyancing law firms but it will result in increased costs and delays for consumers as well as alarming the thousands of estate agents operating in the UK, who will not welcome unnecessary delays and needless red tape and bureaucracy.”
Hailston urged HSBC to look for an alternative solution.
He said: “By inviting a selection of experienced and respected conveyancing firms to discus and explore the issues HSBC is obviously seeking to resolve through its new panel, I am confident that an improved solution could be reached.”
The Bold Group will be collating feedback and concerns from member organisations, which it plans to submit to HSBC over the coming weeks.
Last week, HSBC established a panel of solicitors and licensed conveyancers managed by Countrywide.
The move will mean that HSBC will only use a panel firm to undertake its legal requirements.
Customers remain free to choose their own solicitor or conveyancer to act for them if they want.
Previously the chosen solicitor or conveyancer would undertake both parties’ legal work.
