Latest news
Liverpool firm “open to external capital” as it gains ABS licence
A Liverpool firm that describes itself as “very open-minded” about external investment is one of a pair of firms to receive the latest alternative business structure (ABS) licences from the Solicitors Regulation Authority.
Ban on barristers expressing personal opinions on cases set to end
Barristers should soon be free to give their personal opinions on cases when the rule restricting them to voicing only clients’ views is finally lifted – four years after the change was first mooted. Their regulator said lifting the same ban on solicitors had not caused a problem.
Law Society set for confrontation with ICAEW over ABS application
The Law Society will challenge the application by the Institute of Chartered Accountants in England and Wales to become an alternative business structure regulator, Legal Futures can report. The question of separating regulation and representation is a key bone of contention.
Full distribution “on the wane” as big firms look to retain profit
The full distribution remuneration model is on the way out because law firms want to stockpile funds within the business, according to a survey. It is being phased out in favour of a more ‘corporate’ approach to bolster firms’ finances.
Major study lays bare finances of SME law firms: best have 40 times the PEP of the worst
Profits per equity partner at the most successful small and medium-sized firms were more than 40 times those of the bottom-earning firms last year, a major study by NatWest has revealed. “It could be observed that the average firm was making virtually no real profit,” it also reported.
City solicitors warn SRA that whistleblowing plan could undermine compliance officers
City solicitors have called for clarity from the Solicitors Regulation Authority over the reporting of rule breaches and misconduct, while arguing that compliance officers should be the first port of call for whistleblowers.
Survey: strong interest in MDPs and external capital among big firms
There is strong interest among the UK’s largest law firms in joining forces with a non-legal practice in the next two years, while several are also looking at external capital, according to new research.
ABSs to the fore as Quindell claims 15% of PI market and Countrywide sees profits rise
Quindell Portfolio, the alternative business structure that has acquired three law firms in the past 12 months, will have “15% of the UK market for personal injury claims” this year, it has claimed. Meanwhile, another major ABS – Countrywide Conveyancing Services – has reported profits of £8m for last year, up 4% on 2011.
Neuberger warns against risk of profits before principles in the ABS world
The president of the Supreme Court has urged the legal profession not to lose sight of its fundamental principles in the rush for modernisation, warning about the risks of pressure from “hard-nosed businessmen” who may invest in law firms.
First construction ABS as global consultancy buys law firm to offer multi-disciplinary service
An alternative business structure licence has opened the door to a global consultancy that project manages aspects of some of the world’s largest infrastructure and energy projects buying a specialist construction law practice.
Blog
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.
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.
