High Court: law firm “sufficiently well-funded” to cope with freezing order over £2m in fees in its client account

rcj 2

Leading litigation firm Stewarts Law is “sufficiently well-funded” to cope with £2m intended to pay its fees and disbursements sitting frozen in its client account, while the true owner of the money is identified, the High Court has ruled.

April 4th, 2017

Quarter of SME law firms have fallen victim to cyber-attacks as profits rise, survey finds

Legal Futures Conferences November 2012Legal Futures Conferences November 2012

There have been some significant thefts from client accounts in recent months, with one in four SME law firms having suffered a cyber-attack or fraud related loss in the last year, according to new research. The poll of 269 firms also showed that income and profit continues to rise, although cash remains an issue.

March 30th, 2017

Knights shifts from private equity to direct lending to fund next stage of growth

David Beech

Fast-growing alternative business structure Knights Professional Services has moved on from private equity funding and giving away an ownership stake, and turned to a major European lender to finance to next stage of its expansion. We revealed last month that James Caan has sold his stake in the firm.

October 12th, 2016

Legal finance company set to delist as it awaits Supreme Court ruling

Supreme Court no1

A finance company for law firms has announced that it wants to delist from the stock exchange as it awaits a crucial Supreme Court ruling. It is the first of two Supreme Court cases that focus on interpretation of the minimum terms and conditions for solicitors’ insurance, the second of which was before the justices yesterday.

October 11th, 2016

Litigation aftermath of failed partnership returns to High Court

Royal Courts of Justice

The latest skirmish in a long-running row between two solicitors whose partnership dissolved in acrimony, has seen the High Court rule that the failure of one to mention to his creditors that he had been struck off was a “material irregularity”.

September 12th, 2016

Law firm finance staff in demand as pay rises and responsibilities grow

Tim Kidd ILFM

Finance staff at larger law firms are seeing their pay rise as the market becomes more competitive, a new survey has found – while those working for small firms were the least likely to have had a pay rise in the past year, despite proving the most loyal.

August 23rd, 2016

SME law firms see fee income rise but staff and premises costs dragging down profits

Karen Hain

Fee income at SME law firms is on the up, but profits are not matching the growth, with staff and premises costs among the causes, new research has found. There was a “dramatic growth in income” at London firms in particular, with “high-value project work… back on the desk” as corporate deals gathered pace.

June 15th, 2016

Groundbreaking research finds little pricing transparency among law firms

the road of money

There is a serious lack of transparency over the pricing of common legal services, major new research has found – with those providers who do publish their rates and also the ones who offer fixed fees generally cheaper than law firms that do not.

April 5th, 2016

SME law firm growth to slow in face of “new, post-recession norm”

Steve Arundale NatWest

This year could see small and medium-sized law firms struggle to match the growth of 2014 and 2015 as business levels settle into a new, post-recession norm, a major survey by NatWest has suggested. The bank also said that partners should be asking themselves whether the profit they made in 2015 was sufficient.

April 1st, 2016

Law firm incomes up by over 5%, Law Society survey indicates

Ten Pounds

Law firms are “in good shape financially”, with median income increasing by 5.4% last year, according to Law Society research. The survey found the median fee income for a partner had reached almost £620,000 and a solicitor almost £118,000 – but more partners than last year are drawing too much.

February 8th, 2016