Latest news
Top north-west firm targets external investment after ABS licence provides platform to expand
Leading north-west firm Stephensons is seeking external investment as part of its plans to expand beyond the region after receiving its alternative business structure licence from the Solicitors Regulation Authority. Other new licencees include a firm looking at MDPs and one mulling trade union tie-ups.
SRA drops ‘group licensing’ approach for firms operating overseas
The Solicitors Regulation Authority (SRA) has abandoned plans to impose a group-wide approach to the regulation of firms which engage in activities overseas as it launched a second consultation on amending the SRA Handbook in relation to international practice.
Brilliant ABS start-up goes live, while debt recovery firm targets legal work
Brilliant Law has become what it says is “the first true pure bred alternative business structure (ABS) start-up” and is offering to help other ABS applicants on a fixed-price basis. Meanwhile, a debt recovery business has received an ABS licence so that it can now offer the associated legal work.
90% of COLPs and COFAs in place, but 1,000 firms miss 1 January deadline
Nearly 90% of firms had their compliance officers in place for the start of the new regime yesterday, with the rest either yet to have their nominations approved or, in the case of 194 firms, failed to complete the process at all.
Dramatic climbdown from Grayling as portal extension is delayed
In a dramatic climbdown, the Lord Chancellor Chris Grayling has agreed that extension of the RTA portal to higher-value motor and employer’s and public claims will now not happen in April 2013. The decision, which emerged late on Friday, follows the judicial review process begun by APIL and MASS.
Private equity, share schemes and non-lawyer partners: new ABSs highlight diversity of uses
Three more alternative business structures (ABSs) have been licensed by the Solicitors Regulation Authority, with external investment, an employee share scheme and a non-lawyer partner the drivers behind them.
Rules on judicial evaluation and QCs to change in QASA shake-up
More time to obtain judicial assessments and greater recognition for QCs have emerged as key amendments to the Quality Assurance Scheme for Advocates, leaving some of the most contentious aspects – such as plea-only advocates – unchanged.
Frontline regulators hit back at LSB assessment of their performance
Some of the frontline regulators have hit back at the Legal Services Board’s assessment of their performance. A detailed report on the “smaller” regulators found a wide range of competence, both across the different regulators and within each of them individually.
Mayson warns regulators against denying ABS licences over access to justice fears
‘Advice deserts’ that appear as a result of competition brought about by alternative business structures cannot be dealt with effectively by regulators operating under the Legal Services Act, an academic study headed by Professor Stephen Mayson has argued.
Hundreds of delinquent firms move closer to COLP/COFA action
Around 250 law firms have yet to even start the process of nominating their compliance officers and face having their authorisation removed in the New Year, the Solicitors Regulation Authority announced yesterday.
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.
