There are a lot of things that lawyers and the government do not agree about. One area where they do, generally speaking, is the need for deregulation. The ‘legal regulators’ (this now includes the Institute of Chartered Accountants in England and Wales) were keen to show just how much they agree in the three reports sent by the Legal Services Board to justice minister Shailesh Vara this week.
Michael Gove’s performance before the justice select committee yesterday was a skilful one. Thoughtful, reasonable, non-dogmatic – two months into his time as Lord Chancellor and Secretary of State for Justice, he continues to win plaudits simply by virtue of not being Chris Grayling. Coming into the evidence session having already scrapped two of his widely despised predecessor’s most unpopular criminal justice policies, he made all the right noises and generally seemed far more engaged with his brief than Mr Grayling ever did.
The risk experts at VinciWorks have conducted multiple off-the-record conversations with various COLPs, COFAs and risk officers to discuss the risks they are examining in their firms and placing in their risk management system. In addition, we researched multiple online risk resources and the SRA’s own public statements on risk and OFR. This list features five key risks that you should focus on when compiling your risk register and conducting risk strategy sessions.
Innovation is a word much bandied around in the law – on this website more than most – without always a crystal clear idea of what it means. Many lawyers or PR people have called me up over the years to proclaim their latest exciting innovation, only for me to point out that plenty of people have been doing the same thing for ages. Today’s report from the Legal Services Board and Solicitors Regulation Authority, entitled Innovation in legal services, is more generous in its definition of innovation than I am.
A few weeks ago I was asked to speak at a Westminster Legal Policy Forum seminar on the impact LASPO has had on the claims management sector, which attracted nearly 100 delegates. The keynote speakers were Crispin Passmore, executive director of policy at the Solicitors Regulatory Authority, and Kevin Rousell, head of the Claims Management Regulation Unit at the Ministry of Justice. Given only five minutes of talk time, it was difficult to go into depth, but I did get a chance to discuss the management of risk in claimant personal injury firms.
Given the inherent complications in the new tax legislation for fixed-share LLP members, it is tempting to side-step the rules by engaging an individual as a consultant rather than an LLP member. This is particularly the case for LLP members who are nearing retirement and looking to withdraw from the LLP, not take on more risk and increase their investment!
Many at the Bar and beyond will be familiar with the ‘10,000 hours’ theory – put forth by Swedish psychologist K Anders Ericsson and further propagated by popular writer Malcolm Gladwell. That is: the formula for success, in any field, is 10,000 hours of practice. Integral to this, but perhaps less well known, is the notion that such practice needs to be deliberate – carefully structured and executed in a way that will have the greatest results for performance. In other words, quality matters just as much as, if not more than, quantity.
As the post LASPO dust finally starts to settle, there’s been a lot of coverage about the winners (if there are any) and the losers in the new landscape. Is anyone happy? Well, defendant liability insurers are bemoaning the fact that claim numbers are back to pre-quarter one 2013 levels and that the predicted savings haven’t yet materialised.
Even in the midst of growing uncertainty and upheaval in the legal sector, many law firms are managing to grow profits and create capital value. So, what is it that makes these law firms successful and others less so?
Monday-Friday, 9-5, is not how the world works anymore. Nowadays customers are driving the interactions they have with businesses, demanding information when and where they want it, on their timescales and in a way that works for them, not in a way that is convenient for the business who wants to deal with them.