The essential guide to conduct, compliance and competence, and the Legal Services Act
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Re-shaping your firm – and how to pay for it
Chris Marston, head of professional practices at Lloyds TSB Commercial, takes a look at how solicitors’ firms can compete against external capital.
Consumers call for fixed fees as small law firms struggle
Law firms and other legal providers that offer consumers fixed fees “are likely to have a clear competitive advantage” over those that bill by the hour, new research has shown. It also forecasts that the legal market will grow this year, mainly thanks to larger law firms, with smaller ones struggling.
Irwin Mitchell ramps up ABS preparations by naming senior PwC partner as chairman-designate
National law firm Irwin Mitchell has named the former vice-chairman UK of PricewaterhouseCoopers its chairman-designate as it continues preparations to become an alternative business structure.
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.
Law firm investor in talks with more than 25 practices
The first business to announce its intention to invest in law firms has already spoken to more than 25 interested practices, it has revealed. However, In-Deed’s half-year results have revealed a very slow start to its online conveyancing business, with only 120 instructions in four months.
Mid-sized firms need to be bigger and would accept external cash, says survey
A large majority of partners at mid-sized law firms believe their practices need to grow by at least a third over the next three to five years to remain competitive, with many open to the idea of external investment, a recent survey has shown.
Top general counsel attacks external investment and lawyers “putting money first”
Investors can be good for many businesses but not when that business is a law firm, a leading in-house lawyer has warned, expressing particular concern that clients’ interests “may take a backseat to the lawyers’ search for additional capital”.
“Inexcusable” ABS delay could cost law firms dear, corporate finance expert warns
The “inexcusable delay” in enabling the Solicitors Regulatory Authority to start licensing alternative business structures could make private investors think twice about entering the legal sector, the Legal Futures conference heard this week.
Law firm mergers to accelerate in 2012, predicts investment bank
The legal market has “enormous scope for consolidation and this is as opportune a moment as there will be to invest” in it, a new report has claimed. Espirito Santo Investment Bank said 2012 will see the “acceleration” of merger activity.
German lawyers call on Americans to join international stand against ABSs
The German Bar has called on its American counterpart to form an international coalition against alternative business structures. The news comes as the American Bar Association prepares to publish a proposed rule change that would allow minority non-lawyer ownership of law firms, with the New York courts set to rule on the issue too.
