Law firms must not allow arrangements with debt recovery companies to compromise their independence, the Solicitors Regulation Authority has warned, after two solicitors were fined heavily for allowing litigation to be carried out in their name.
The legal sector is “ripe” for investment and capital should not be an issue with so many investors looking to buy into the profession, lawyers in the north-west were told this week. They were urged to “seize the opportunity” to establish what their clients wanted.
Manchester-headquartered alternative business structure Horwich Farrelly has headed south to launch an office in the City of London. The specialist insurance litigation law firm estimates that the new office will generate up to £2m of income in its first year.
The cost to businesses seeking legal advice to comply with current piecemeal consumer rights legislation is as high as £2,500 a year – but they should see big savings as a result of forthcoming reform, the government has claimed.
Around 30 of the top 200 law firms in England and Wales are under intensive supervision from the Solicitors Regulation Authority (SRA) because of fears about their financial stability, it emerged yesterday.
All consumers of legal services – using a broad definition that includes “linked professional services and advice that has a legal dimension” – should have access to the Legal Ombudsman, its chairman said today.
Lender panels, rather than alternative business structures (ABSs), are the main threat to conveyancing businesses, new research has found. Interest among conveyancers in becoming an ABS also appears to be falling.
A not-for-profit venture capital business that promotes innovation is set to invest in a start-up law firm targeting the technology sector, Legal Futures can reveal. The unusually named Atypical Law Firm will this week submit its ABS application.
The Legal Services Board has hit back at continuing criticism of its role and work by insisting that it has a legal duty to take positive action – and that turning the clock back to a pre-Legal Services Act world is not an option.
A new law firm ‘broker’ is targeting companies that believe they are overpaying for legal services. The Legal Broker argues that even the most sophisticated clients are having trouble finding value for money and good service from their external lawyers.
LegalForce, the US company that plans to build a legal services brand for innovators and start-ups based around a retail space, has stepped up its bid to build a UK network by appealing directly to sole practitioners and small law firms to apply to join.
A London chambers has become the first alternative business structure licensed by the Solicitors Regulation Authority that does not have any solicitors. Richmond Chambers LLP is a niche immigration set that focuses on direct access work.
The Solicitors Regulation Authority (SRA) is working its way through the hundreds of firms and individuals facing enforcement action over compliance officer failures – but has now found another 205 firms that require investigation.
The man running alternative business structure Quindell Portfolio saw his pay more than double to nearly £900,000 last year, the company’s annual report has revealed. It has also put the full cost of Quindell’s purchase of three law firms last year at £45m.
A single scheme joining up professional indemnity insurance and compensation funds across the whole legal services market – including unregulated providers – should be actively explored, the Legal Services Consumer Panel has recommended.