HM Revenue & Customs has given solicitors a week to pay the tax they owe on undeclared income or “face hefty penalties” of 100% on the unpaid tax and the risk of a criminal investigation.
Financial adviser rating and review website VouchedFor has said it is aiming to sign up 1,000 solicitors in the next few weeks.
Solicitors in law firms are slightly more diverse than the rest of society, the results of the profession-wide diversity monitoring undertaken by the Solicitors Regulation Authority have shown.
Most aspects of legal services can be delivered nationally and there is still significant potential for big brands to come in and provide large scale, lower cost services, according to a major report into competition in the solicitors’ market.
While alternative business structures are gaining all the headlines right now, something perhaps even more fundamental is going on this year: the Legal Education and Training Review. Many know it’s happening, but I suspect few quite understand how radically it could reshape the foundation of becoming a lawyer. I don’t think I did until last week, when I attended the first of a series of five seminars being run by the Legal Services Board, this one in association with the Legal Services Institute.
Solicitors need to be vigilant about large debts being run up in their name as a result of fraudulent store card applications, Legal Futures Associate the Lawyers Defence Group has warned. The legal defence and advice organisation raised the alarm after it was revealed by one popular DIY store that a number of solicitors have been targeted in this way.
Solicitors are set to shoulder the vast majority of the Legal Services Board (LSB) and Legal Ombudsman’s (LeO) £25m annual running costs for the next three years at least, it emerged today. The LSB confirmed that it would proceed with its plan to levy its own £5m costs on the basis of the number of authorised persons overseen by each approved regulator, and most of LeO’s £20m costs based on the number of complaints generated by each group.
It is “absolutely inevitable” that criminal legal aid practices will need to morph into a cross between a solicitors’ firm and barristers’ chambers, one of the founders of a groundbreaking firm in the north-east of England has claimed.
The Council of Mortgage Lenders is investigating the case for making title insurance compulsory for all conveyancing transactions, it has emerged, as a Law Society committee said it should be looked at as a way to reduce solicitors’ professional indemnity insurance premiums.
The Solicitors Regulation Authority (SRA) will be able to formally rebuke solicitors and fine them up to £2,000 from next month, it has been confirmed. However, the potential conflict between the civil standard of proof that will be applied in such cases and the criminal standard used by the Solicitors Disciplinary Tribunal – which will hear appeals against SRA decisions – has not yet been resolved and is likely to require further work.