Latest news
The collapse of In-Deed should give hope to conveyancers
It came as a major surprise to many in the industry when In-Deed closed for business. Despite a difficult trading period, with over £1m in cash on its balance sheet the company appeared in better health than many conveyancing practices. The closure marked a swift rise and fall in fortune for one of the poster children of liberalisation of the legal market.
Surveyors claim ABS first while private equity-backed firm builds multi-disciplinary practice
A London firm of chartered surveyors has become an alternative business structure (ABS) with plans for a legal arm, in what is believed to be the first venture of its kind. Meanwhile, private equity-backed ABS Knights Solicitors has hired six planners as it builds a multi-disciplinary offering
Cost of practising as a solicitor to rise sharply
The cost of practising as a solicitor is set to rise at a rate of more than four times inflation, if the Law Society’s council approves figures that will be put before it later this week. The collection of £116.8m in fees from the profession is up £13.2m on this year.
Law Society's wills quality scheme launched with warning over falling market share
The Law Society last week finally launched its Wills and Inheritance Quality Scheme (WIQS) last week with a warning to the profession that it needs to act to halt the fall in its market share. But the likes of the Co-op, AA and Saga will be able to apply for it too.
Exclusive: swathe of personal injury firms reports reduced income since LASPO
Almost a third of personal injury law firms in the north-west have seen fee income drop due to the introduction of LASPO reforms on 1 April, new research has found. More than 70% said that the regulatory and structural changes have had a negative impact on their businesses.
Susskind: ABSs will have international ripple effect and break down protectionism
American opposition to alternative business structures is about protecting lawyers, not clients, Professor Richard Susskind has suggested. And he predicted that within a decade or so, “most advanced jurisdictions, and many emerging jurisdictions as well, will have liberalised in the manner of England
Lack of transparency over costs “driving consumer mistrust” of lawyers
Lawyers’ lack of transparency over cost – rather than the actual cost of their services – is the major barrier to consumers seeking legal advice and the primary cause of a breakdown in trust between them, Legal Services Board research has found.
Solicitor wins injunction to stop former lover going public
A solicitor has won an interim injunction to stop his former younger lover from going public with details of their relationship, it has emerged. However, Mr Justice Tugendhat has warned that he will keep under review the need for the parties to stay anonymous.
ABS pressures put 2,500 law firms “at risk of failure”
Competition from alternative business structures (ABSs) has increased pressure on law firms to the point that 2,500 are at risk of financial failure in the coming year, according to business recovery specialists.
Exclusive: Apprentice Alex gets ready to fire up Dynamo Legal
Alex Mills, who was last week fired from The Apprentice, has told Legal Futures that his fledgling brand Dynamo Legal has a six-month window to capitalise on the publicity his stint on the BBC show has generated.
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.
