Gillian K. Hadfield argues yes:

The U.K. has never had an unauthorized practice-of-law rule: Anyone may provide legal advice, so long as he or she doesn’t call him- or herself a solicitor. So if a serial entrepreneur has discovered a market niche in providing advice on how to navigate venture capital agreements, he or she can provide that service. And, given his or her expertise in startup ventures, the advice may well be of higher quality and lower cost than the legal opinion available from law firms.