Market monitor

Fairpoint’s shares suspended after bank pulls support

London Stock Exchange

Shares in Fairpoint Group have been temporarily suspended after its bank pulled its backing for the legal services business. The company said that because AIB Group (UK) plc was unwilling to provide the level of on-going support it had requested, it was unable to sign-off the audit of its 2016 annual report and accounts.

June 28th, 2017

Vos: Crucial to post-Brexit Britain that international smart contracts are subject to English law

Sir Geoffrey Vos

There needs to be work to ensure the underlying legal system for smart contracts is English or UK law as part of efforts to Brexit-proof the UK legal system, the Chancellor of the High Court said last week. Sir Geoffrey Vos said: “It remains crucial that we lead the world in legal services post-Brexit.”

June 27th, 2017

ABSs making their mark in £22bn legal market, report finds

woman advising client

Alternative business structures account for just 5% of all law firms but nearly 12% of total turnover in a market worth £22.3bn, the annual snapshot of the solicitors’ profession has shown. It also revealed that women will become the majority of practising solicitors this year.

June 6th, 2017

Hudgell lines up yet more deals as it targets continued growth in troubled PI market

Neil Hudgell and Amanda Stevens

Hudgell Solicitors – the personal injury firm that publicised its willingness to buy firms, departments and files through the website webuyanyfiles.com – has another three transactions in the wings, which will take it to 35 deals since the Jackson reforms were implemented in 2013.

June 5th, 2017

Exclusive: Online divorce business acquires family law firm

divorce

Online Legal Services Ltd – the company that runs the pioneering Divorce-Online website – has acquired south Wales family law firm Peter Thomas Law, Legal Futures can reveal. It will enable Divorce-Online to capture the work arising from more complex divorces that is currently outsourced to other solicitors.

June 2nd, 2017

Flexible resourcing business for in-house teams and law firms hits 1,000 lawyers

Dana Denis-Smith

Obelisk Support – the outsourcing business that uses former City solicitors to provide temporary support services to in-house teams and law firms – has hit the 1,000-lawyer mark. Set up in 2010, it has doubled in size in less than three years and founder Dana Denis-Smith said she hoped to do so again in the next two years.

June 1st, 2017

National Accident Helpline plots second ABS joint venture

Simon Trott NAHL

NAHL plc – the AIM-listed owner of National Accident Helpline – has lined up a second alternative business structure joint venture as it bids to double the cases it handles over the coming years, it has emerged in the wake of last week’s announcement of its first, Your Law, in association with NewLaw Solicitors.

May 30th, 2017

From leads to legal advice: National Accident Helpline sets up ABS

Legal Futures Click to Client Conference

NAHL, the marketing business that owns National Accident Helpline, is to launch its own law firm after being awarded an alternative business structure licence and signing a deal with Cardiff-based NewLaw Solicitors. It will trade under the name Your Law LLP and is expected to start business on 1 July.

May 26th, 2017

Gateley share price reaches all-time high as it indicates strong annual results

Michael Ward

Turnover at the country’s first listed law firm, Gateley, has gone up by at least 15% in the last financial year, it announced to the stock exchange today as its share price reached an all-time high. It said revenue for the financial year ended 30 April 2017 will be not less than £77m, up from £67m the previous year.

May 25th, 2017

Millennials generation “ushers in era of demanding clients and responsive lawyers”

Jordan Furlong 2

The ‘millennial’ generation of legal services buyer is taking over from the ‘baby boomers’ and bringing a range of new expectations that lawyers must respond to, such as flexibility of service and working hours, predictable pricing, and value for money, according to a new report.

May 25th, 2017