Latest news
£22m loss for Co-operative Legal Services
Co-operative Legal Services made a loss of £22m in 2013 when the impact of a slower rate of growth than previously planned for is taken into account, the group announced today.
Partners sanctioned over misuse of client money
A Lancashire solicitor has been struck off after misusing more than £400,000 of client monies to prop up her ailing firm. Kimberley Bridge was struck off by the Solicitors Disciplinary Tribunal this week for nine counts of dishonesty.
Consumer panel backs greater recognition of McKenzie Friends
A new trade association, the Society of McKenzie Friends, is to be launched to represent the non-lawyer advisers who charge fees, as the first step towards self-regulation. The news comes as the Legal Services Consumer Panel concludes that the public interest benefits of MFs outweigh the risks.
QASA registration timetable thrown up in air by continuing JR
The timetable for advocates to register for the Quality Assurance Scheme for Advocates has been thrown into chaos as a result of the continuing judicial review of its legality. Meanwhile, the Bar Standards Board has begun the search for a new chair.
ABSs top 300 mark with latest licencees demonstrating variety of new legal breed
The number of alternative business structures (ABSs) has passed 300, with a major international business support services company with offices around the world among the latest to achieve the status.
LSB reviews hurdles faced by non-lawyers who want to own ABSs
Plans to simplify the approval process for non-lawyer owners of alternative business structures are being considered by the Legal Services Board, it has emerged. Private equity purchasers are proving particularly tricky under the current regime.
Top PI firm makes profitability calculator public to show “shocking” reality of post-LASPO world
A leading personal injury law firm has gone public with a unique profitability calculator to make other practices realise how radically the economics of work have changed in the post-LASPO era, Legal Futures can reveal.
SRA builds relations with high-impact firms
The introduction of relationship management – giving certain law firms a dedicated contact at the Solicitors Regulation Authority – is working for both sides, new research has indicated. However, a fifth of firms consider complying with OFR is too expensive.
Unrated PII insurers still tempting hard-pressed firms
Unrated insurers continued to share more than a fifth of the professional indemnity insurance market at the last renewal round, while the Solicitors Regulation Authority mulls whether to force them to ‘get rated or get out’ of the business.
Are small claims becoming a new law firm battleground?
Law firms are starting to see the opportunities in small claims after Liverpool firm Morecrofts launched a flat-fee service, allied with unbundled pieces of advice, to aid potential claimants.
Blog
Why housing disrepair claims against councils have leapt by nearly 400%
Housing disrepair claims against councils have surged dramatically in recent years, with some areas reporting increases approaching a staggering 400%.
Client accounts: Opportunity, obligation and the risks in between
The profitability gap between well-run firms and the rest is not primarily a function of size, location or practice area – it is a function of financial management.
Motor finance – the FCA is more worried about banks than consumers
The Financial Conduct Authority’s motor finance redress scheme announced last week amounts to one of the largest ever consumer failures by the regulator.
