Latest news
CMCs’ turnover tops £1bn as referral fee ban prompts mass exodus from personal injury
The turnover of claims management companies spiralled 31% last year to top £1bn, with the turnover for the financial claims sector exceeding that of personal injury companies for the first time, Ministry of Justice figures have shown.
SRA to ditch reporting requirement for non-material rule breaches
The requirement on law firms to report non-material breaches to the Solicitors Regulation Authority is set to be ditched in time for this year’s annual information submission. The board of the SRA will tomorrow be asked to approve changes to the SRA Handbook.
Under-pressure firms find merger salvation
The Jackson reforms, legal aid changes and stagnant corporate work drove a record year in law firm mergers during 2012, according to new research. Strategic mergers could help convince creditors that solicitors remain a good credit risk, it also suggested.
Beech focuses on immediate goals after Caan sets sights on Knights reaching top 20
The managing partner of private equity-backed Knights Solicitors has reinforced his short-term plans after investor James Caan revealed ambitions to gatecrash the UK’s top 20 law firms. Mr Cann outlined long-term acquisition goals to send the £10m turnover Staffordshire firm soaring.
Exclusive: venture capitalists invest in leading probate provider
The venture capitalists already invested in the UK’s first alternative business structure have added one of the country’s largest probate and estate administration providers to their portfolio, Legal Futures can reveal.
Government services strategy throws weight behind legal regulation review
The Ministry of Justice’s legal regulation review has been given greater impetus by publication of a new industrial strategy that aims to strengthen the UK’s position as a global leader in professional and business services (PBS).
SRA targets three-month approval for ABSs aimed at new criminal legal aid contracts
The Solicitors Regulatory Authority should be able to process would-be alternative business structures wanting to bid for the new criminal legal aid ‘super-contracts’ in as little as three months, it has told MPs. The Bar Standards Board was more cautious about its regulation, however.
Appeal court criticises SRA as it raises possibility of more time to challenge interventions
There may be circumstances in which the eight-day period solicitors have to challenge interventions into their practices should be extended, the Court of Appeal has suggested.
Very stressed? Then you’re probably a BAME partner in a legal aid firm working long hours
If you are a partner doing legal aid work, working long hours and from a black, Asian or minority ethnic background, then you are probably the most stressed solicitor in the country. That is according to newly published Law Society research.
SRA "waiting for something to go wrong" before taking action on cloud computing
The Solicitors Regulation Authority’s reluctance to give detailed guidance to law firms on cloud computing could be because it is “waiting for something to go wrong” before it acts, a report has suggested.
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.
