Latest news
High Court gets teeth into BSB disciplinary problems
The High Court has this week been hearing the first claim for judicial review arising from last year’s high-profile problems with the Bar Standards Board’s tribunals which, if successful, would throw the barristers’ disciplinary regime into disarray.
Exclusive: now it’s Stobart Solicitors as well after SRA grants ABS licence
Famous logistics company Stobart Group now has a law firm to sit alongside its direct access barrister service, Legal Futures can reveal. The Solicitors Regulation Authority has granted an alternative business structure licence to One Legal Ltd, which was set up by the company.
600 firms and individuals receive SRA ticking-off over compliance officer failures
More than 600 law firms and individuals have so far had their cards marked by the Solicitors Regulation Authority over failures associated with the nomination of compliance officers, it has emerged. A further 139 investigations remain live.
Indemnity insurer collapse leaves millions in unpaid claims against solicitors
Lemma, the failed Gibraltar-based solicitors’ indemnity insurer, has left run-off claims worth around £25m to be borne by the financial services industry in the wake of its collapse last year, it has emerged.
Direct Line outlines plan for ABS in partnership with Parabis
Direct Line Insurance Group plc is to partner with alternative business structure Parabis Law to launch a wholly owned law firm, it announced yesterday. The insurer will offer a range of injury and non-injury services to existing and new customers.
ABS to relinquish licence after acquisition
A specialist public sector law firm is set to relinquish its alternative business structure licence after being acquired. London-based TPP Law has been bought by Geldards as part of the regional law firm’s bid to grow a national public services practice.
ABSs face fines of up to 2.5% of turnover for serious misconduct
Alternative business structures with a turnover of more than £2m face fines of up to 2.5% of their turnover in cases of serious misconduct, under plans being considered by the Solicitors Regulation Authority.
Accountants become ABS to offer clients complete service
An accountancy firm for contractors, freelancers and self-employed professionals has launched its own law firm as the “missing piece in the client service jigsaw”. Brookson Ltd – based in Warrington – is only the second firm of accountants to become an ABS.
White-labellers unveil accident management deal and hire of Co-op pioneer
Alternative business structure Quindell Portfolio plc has signed a contract to provide white-labelled accident management services to Renault UK. Meanwhile, the white-label arm of Manchester law firm Pannone has announced a major hire.
SRA targets risk in streamlined law firm and ABS authorisation process
Alternative business structures, law firms and sole practitioners looking for authorisation by the Solicitors Regulation Authority will for the first time fill in the same form as the regulator steps up its risk-based approach.
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.
