Market monitor

Slater & Gordon yet to pay any deferred consideration to Quindell vendor

hearing aid

Slater & Gordon has yet to pay the company that used to be Quindell any deferred consideration from the 53,000 noise-induced hearing loss cases it bought, it emerged yesterday. It has also not launched the legal action against Watchstone Group that it announced seven months ago.

April 28th, 2017

Law firm fee income up by 6%, benchmarking survey finds

Andy Harris Hazlewoods

The financial performance of smaller law firms has improved over last year, with both fee income and profits up significantly above inflation, according to an annual benchmarking survey published this week. Very little increase in salary costs, improved lock-up, and reductions in both WIP and debtor days contributed to the positive picture.

April 28th, 2017

Exclusive: Family Law Café goes live with lawyer ‘mentors’ to help clients navigate their cases

Joanna Toch

A novel online family law service that uses experienced lawyers to mentor and manage clients through the legal process has gone live. Family Law Café is the brainchild of Joanna Toch, a barrister at Church Court Chambers in London, and she has secured financial backing from private individuals, including corporate lawyers.

April 27th, 2017

QualitySolicitors looks to exploit network with national retailer deal

Nisa Local

The QualitySolicitors network is to enter a three-month trial to supply legal services to retail chain Nisa, as it pushes to exploit its national network. Nisa is the UK’s leading member-owned organisation, providing benefits to 1,300 independent food and drink markets.

April 26th, 2017

ABS turns thumping loss into profit with financial backing of corporate owner

Michael Warren 2

One of the country’s largest personal injury practices has highlighted the benefits of being an alternative business structure owned by a large business after the write-off of a multi-million pound inter-company loan, and an £11m cash injection, helped it turn a huge loss into a profit in its last financial year.

April 25th, 2017

ABS update: council bids to “commercialise” legal services, as virtual firm eyes investment

Peter Watson & Hilary Meredith

A local authority in Surrey is eyeing up an alternative business structure so it can “commercialise” its legal services in the wake of a partnership with another council coming to an end. Our latest ABS round-up also includes a virtual firm looking for investment to expand, a major deal for a leading probate ABS and a heavyweight appointment.

April 18th, 2017

Innovative corporate firm eyes external investment as it looks to offer non-legal services

Nigel Greenaway

An innovative Cardiff law firm has secured an alternative business structure (ABS) licence as it looks to private equity to expand what it offers the mergers and acquisitions market beyond legal services, with its corporate financier chairman also becoming a shareholder.

April 10th, 2017

Groundbreaking conveyancing ABS strengthens grip on market with acquisition

Doug Crawford Stephen Coupland APL

The country’s biggest conveyancing business, My Home Move, has consolidated its position by acquiring Advantage Property Lawyers, the sixth biggest conveyancer and a significant player in the north-east of England in particular. My Home Move will soon be pass the 100,000 completions a year mark as a result.

April 10th, 2017

ABS licence for FTSE-250 wealth manager highlights overlooked law firm acquisition

Bruce Newbigging

A second alternative business structure license handed to a FTSE-250 wealth management company has highlighted a law firm acquisition three years ago that went virtually unnoticed. It was given to Rathbone Trust Legal Services, part of Rathbone Brothers plc, a City institution with origins dating to 1742.

April 7th, 2017

Five years on from its ABS licence, Co-operative Legal Services sees income and profits jump

Lindsay Fowke

Co-operative Legal Services recorded a 22% jump in turnover in 2016 and tripled its profit as it continues to recover from the difficulties it experienced in previous years. The legal services operation is also to be brought together with the Co-op’s funerals business to create a Life Planning division.

April 6th, 2017