Latest news
SRA eyes financial stability test for thousands of firms
The Solicitors Regulation Authority is contemplating whether to contact thousands more law firms about their financial position after this summer’s exercise involving 2,000 practices “confirmed our view that financial difficulty is a widespread current risk”.
Government surveillance threatens law firms’ cloud data security, regulator warns
Widespread data snooping by the US National Security Agency, as revealed by whistle-blower Edward Snowden, could threaten the security of cloud computing for law firms acting in confidential merger negotiations, the Solicitors Regulation Authority has warned.
Government to give claims regulator power to fine firms
Claims management companies are for the first time to face the prospect of fines for poor conduct such as spam texts, the government announced today as part of a series of measures aimed at toughening up their regulatory regime.
ABSs frustrated by acquisition targets that are either not ready or “financial basket cases”
Alternative business structures (ABSs) that are keen to grow by acquisition have failed to make the strides they expected because of the problems of dealing with traditional law firms, it has been claimed.
SRA bids to get grip on exactly how many firms have yet to secure insurance
The Solicitors Regulation Authority does not know the insurance position of at least 50 law firms, but there may be even more out there uninsured, it admitted yesterday. Those yet to inform the regulator that they do not yet have insurance face enforcement action, it warned.
Falconer: demise of generalist high street firms “inevitable”
Changes in the legal market since the Legal Services Act will accelerate, with competition from new providers and cuts in legal aid leading to a “tragic but inevitable” end for non-specialist high street firms, according to the politician who shepherded the Act through Parliament.
Wiggin eyes transformation into media business after ABS licence award
An alternative business structure (ABS) licence is the next stage of the evolution of well-known media law firm Wiggin into a media business “of which law is a central cog but not the be all and end all”, its chief executive has explained.
“Ambitious” Jacoby & Meyers targets major recruitment drive in race to become UK legal brand
The largest consumer law firm in the US is set to mount a bid to build a trusted national legal brand in the UK, potentially recruiting thousands of lawyers and with a global marketing budget of tens of millions of dollars.
Bank problems “will not affect” Co-operative Legal Services
The problems with the Co-operative Bank will not have an impact on the growth of Co-operative Legal Services, its director of policy said yesterday. The assertion came as the SRA published guidance highlighting the risks of ‘group contagion’ in the legal market.
Pioneering solicitor hands in PC to focus on online legal service without regulatory burden
One of the early pioneers in online legal services has relinquished her practising certificate in favour of working full-time for the web-based business she has built up over the past 12 years.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
