The Law Society could develop a reputation for being a bit of a Scrooge this Christmas, as it seeks to save costs with a series of tough measures, including restricting its canteen service and sending home security guards early.

The push is part of a bid by Chancery Lane to set up a £5m war chest for future investment across its representative arm and prove the body is value for money for the profession. In a bid to drum up the extra cash, late-night opening hours and the use of security guards at the body’s Chancery Lane headquarters are expected to be curtailed.