Latest news
Law Society lays into consumer panel over single compensation fund
The Law Society has dismissed the Legal Services Consumer Panel’s call to consider a single compensation fund for all legal service providers. It claimed that the panel’s report “lacks the degree of rigour necessary for it to be considered seriously”.
Listed IFA business gains ABS licence to launch law firm
A firm of midlands-based financial advisers has received approval to set up an alternative business structure so as to extend its service to existing clients and drive revenue growth. It is a wholly owned subsidiary of listed independent financial advisory and wealth management firm AFH.
SRA finally starts to give way on unrated insurers
The Solicitors Regulation Authority has finally given ground over unrated insurers and is to investigate again whether it should introduce financial eligibility criteria. The regulator has launched an assessment of the “full implications” of such a move.
Consumer confidence in lawyers falling, survey finds
Confidence in lawyers’ honesty and in their handling of complaints has fallen for the second year running, although people who have actually bought legal services remain happy with their own lawyer, a survey has found.
From virtual firm in the garden shed to £2m ABS with big ambitions
A former virtual law firm plans that has grown into a £2m business in four years has unveiled major expansion plans after being granted alternative business structure (ABS) status. “ABS is about thinking that there are no limits,” said its founder.
Accountants hit back after Law Society protests over ABS regulator bid
The Institute of Chartered Accountants in England and Wales has hit back against Law Society objections to its application to become an alternative business structure regulator, claiming the public interest was “built into accountants’ DNA”.
SRA decides not to follow CMC regulator in banning inducements
The Solicitors Regulation Authority will not be banning personal injury firms from offering inducements to clients to instruct them, but has warned that they need to consider whether doing so fuels a compensation culture.
QualitySolicitors firm eyes one-stop shop for professional services after gaining ABS status
A QualitySolicitors law firm with ambitions to become a one-stop shop for a range of professional services is among new alternative business structures (ABSs) whose licenses become active next month.
“Fanciful” BSB prosecution over barrister’s gardening bill spat thrown out
A barrister has succeeded in having a disciplinary case brought against him by the Bar Standards Board (BSB) struck out, with the argument advanced on behalf of the board dismissed by the judge as “fanciful”. The bid to strike out the case had the pro bono backing of Sir Sydney Kentridge QC.
Legal Education and Training Review report: a good basis but many areas to improve
There is a good standard of legal education and training in England and Wales – “for the most part” – but quality, accessibility and flexibility need to be enhanced “to ensure the system remains fit for the future”, the Legal Education and Training Review research report has concluded.
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.
