Latest news
LSB urges Chancery Lane to find budget savings
The Legal Services Board has urged the Law Society and Solicitors Regulation Authority to “actively look for savings opportunities” after the society’s budget increased by £11.5m for the next year. It also criticised a lack of consultation with fee payers over what they will have to pay.
Police investigate death of solicitor facing disciplinary tribunal
Around 30 detectives and police staff are now working full-time investigating the “suspicious” death of a Durham solicitor who was due to appear before the Solicitors Disciplinary Tribunal. Peter Thomas Maine, aged 56, was found with stab wounds.
Private equity pair take majority stake in leading PI firm
Winn Solicitors – which has grown in a decade from nothing to a highly profitable £40m volume claimant personal injury firm – is set for further expansion after being bought by two international investment companies.
SRA makes bid to free itself from Law Society shackles
It is time for truly independent regulation of the solicitors’ profession to stop attempts by the Law Society to interfere, the Solicitors Regulation Authority has told the government. It also reiterated a call for all legal activities to be brought within the scope of regulation.
Information Commissioner to probe law firms that used rogue private investigators
Law firms which used rogue private investigators are now facing an investigation into whether they breached the Data Protection Act, the Information Commissioner’s Office has announced. There are said to be 22 law firms involved.
Time for a single regulator and code of conduct? Consumer panel calls for the nuclear option
A single regulator for all legal services providers and a single code of conduct is the way forward for the market, the Legal Services Consumer Panel argued today. It essentially recommended tearing up the Legal Services Act 2007 and starting again.
Third of law firms under financial pressure, says Company Watch
A third of law firms are under financial pressure and may require refinancing or an injection of capital, new research has found. Financial health specialist Company Watch said that 898 of the 2,600 firms it investigated were in trouble.
Leading ABSs take next steps forward
Slater & Gordon has now formally acquired personal injury firm Goodmans, giving the alternative business structure (ABS) a Liverpool base for the first time. Meanwhile, Co-operative Legal Services has launched its academy to offer career progression to all staff.
Law Society enters PII market for small firms
With just a month to go before solicitors have to renew their professional indemnity insurance (PII), the Law Society has today launched its much-anticipated offering for firms of one to four partners that cuts out brokers.
Admiral takes £15m referral fee hit
The ban on referral fees in personal injury is set to cost Admiral Insurance around £15m this year, it emerged yesterday. The insurer also said its two new ABS joint ventures are “not expected to make a material contribution to group profits in the foreseeable future”.
Blog
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.
The power of participation for trainees and apprentices
It’s important as a trainee or an apprentice to get involved in the life of your firm – even under the pressure of discovering how to navigate professional life and now the demands of the SQE.
