Latest news
Law Society president embraces ABS status
A virtual firm that is looking to share profits with its consultants and a leading personal injury practice have become the latest alternative business structures. Scott Moncrieff & Associates, known as Scomo, was founded by Law Society president Lucy Scott-Moncrieff.
Grayling bangs drum for UK legal services abroad and targets £350m Indian prize
India could be worth £350m a year to UK lawyers if the Indian government can be persuaded to open up access to its legal services market, the Lord Chancellor has told City law firms. Chris Grayling was speaking at the launch of a renewed push to promote the UK legal services sector.
HighStreetLawyer network eyes ABS and external finance as it unveils growth plans
Law firm networking brand HighStreetLawyer.com will look to become an alternative business structure in the future to finance ambitious growth plans. Managing director Gary Yantin said the focus for the next 12 months is to grow its number of member firms.
SRA paints grim picture of financial instability among law firms
Desperate solicitors are pillaging their VAT receipts, inner circles of managers are sitting on bad financial results, and firms are borrowing heavily to maintain drawings, according to a bleak risk assessment by the Solicitors Regulation Authority.
Blakemores boss outlines financial blows that led to demise and says “Lawyers2you nearly saved us”
The managing partner of Blakemores – which suddenly closed on Monday – said the firm was almost saved by its consumer-facing Lawyers2you brand but succumbed to a string of financial blows. Guy Blakemore gave a candid interview to Legal Futures.
Survey: personal injury law firms face financial meltdown
Nearly a fifth of the north-west’s specialist personal injury law firms are considering shutting up shop due to the financial impact of the government’s civil costs reforms, with many predicting huge cuts in their profitability as a result of the new RTA portal fees, new research has revealed.
Hundreds of solicitors and firms in the dock for COLP and COFA failures
More than 600 solicitors and law firms are facing action over their failures in nominating compliance officers, the Solicitors Regulation Authority (SRA) has revealed. It said the level of non-compliance was disappointing.
Private investor backs two solicitors’ ABS start-up
Two Manchester solicitors have set up an alternative business structure (ABS) with the backing of a private investor to provide commercial services on fixed fees and retainers. Other new licencees include QualitySolicitors Talbots and midlands law firm Wright Hassall.
ABSs offer opportunity to thriving in-house lawyers, says Law Society
The number of in-house lawyers has not been affected by the economic crisis and alternative business structures (ABSs) offer general counsel an opportunity to expand their services, according to the Law Society.
Reform agenda to create “two-tier Bar”, with bulk of chambers to suffer
Legal aid cuts, the Jackson reforms and the introduction of competitive tendering for criminal law work will split the Bar into a two-tier profession, with mid-sized generalist chambers set to suffer, a specialist Bar consultant has predicted.
Blog
Five golden links for a caring Christmas and New Year
This time of year always sharpens thoughts about how we look after and support elderly clients and those, elderly or otherwise, who find themselves in vulnerable circumstances.
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
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.
