The essential guide to conduct, compliance and competence, and the Legal Services Act
Finance
Demystifying the banking process – what your bank looks for in your firm
The recession and continuing economic challenges highlight the increasing importance of law firms having an effective business strategy in place that considers the ambitions of the firm but ensures that those ambitions are delivered against access to suitable levels of cash flow. By Legal Futures Associate NatWest
Sharp rise in number of distressed law firms, with ABSs “set to make things worse”
There has been a big rise in the number of law firms in distress, with the advent of alternative business structures (ABSs) set to make things worse, corporate recovery specialists Begbies Traynor have claimed.
External investment and “trade” in law firms may see re-emergence of goodwill in accounts, says expert
Goodwill may start to reappear in law firms’ accounts as the prospect of external finance and the growing trade in legal practices drives a new push to put a value on them, a leading expert has predicted.
Big rise in law firms incorporating to combat practice funding problems
The number of incorporated law firms has risen sharply in the past year, with more than a fifth of legal practices now limited companies. According to Solicitors Regulation Authority figures, 2,400 of the 10,973 law firms as of July were incorporated companies, compared to 1,898 a year before – a rise of 26%.
High Court ruling a warning to firms offering clients fixed-fee retainers
Solicitors dispensing legal advice on a fixed-fee retainer should take care to clarify the terms and ensure the service they provide is the same as if it were paid for by the hour, following a High Court ruling.
Signs of recovery as smaller firms halt income slide and boost partner profits
Smaller law firms have halted the decline in fee income, while partner profits rose significantly last year, Law Society research has found. They saw an average increase of 0.2% in practice fee income in 2010, following a reduction of 6.5% the previous year.
News in brief: honest feedback for LeO, law firm finances, LPO survey and much more
Our regular round-up of snippets of news that you need to know takes in the Legal Ombudsman, conveyancing, financial difficulties for law firms, a shortfall of LPC graduates, the first divorce app, new members for LawNet, an LPO survey, the new Law Society deputy vice-president, and Expert Answers’ affiliate programme.
Value of pro bono work done by private practice solicitors hits £475m
Solicitors in private practice undertook pro bono work in 2010 estimated at £475m, a rise of 19% on the year before, Law Society research has found. The figure represents 2.3% of the total gross fee income for private practice last year.
Cash-strapped law firms and lawyers up borrowing to pay tax bills
Law firms facing a cash flow crunch are sharply increasing their borrowing to meet tax liabilities, a lender to the legal profession has reported. Syscap says loans sought by firms have almost doubled compared to this time last year, as they struggle to meet today’s tax payments deadline.
Profits up for Scotland’s big firms, but down for most others as ABSs loom, survey finds
Scotland’s larger law firms saw a rise in profits last year despite a 11% dip across the profession as a whole, research has found. The Law Society of Scotland’s survey showed that average profits per equity partner fell from £72,000 in 2009 to £64,000 last year. It is the second consecutive drop, from a high in 2008 of £104,000.
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Associate News
Demystifying the banking process – what your bank looks for in your firm
QualitySolicitors Keith Park implements Peppermint Portal
David Thorpe joins fast-growing technology innovator Peppermint Technology
DAS appoints head of marketing
Take client interaction to the next level with the Peppermint Platform
LexisNexis Visualfiles Helps Essex Legal Services deliver savings for the Public Law Partnership
Roadshow highlights potential perils of new COLP/COFA roles
