Latest news
Revealed: Law Society and SRA at odds again over regulator’s budget
The latest spat between the Law Society and Solicitors Regulation Authority (SRA) has been rumbling on over the latter’s budget for 2013, it has emerged. However, Legal Futures can reveal that the SRA is to reduce its budget by around £2m to £30.6m.
House of Lords gives Legal Services Board a bashing
The Legal Services Board (LSB) came under fire for “mission creep” in the House of Lords last night. In a debate initiated by Bar Standards Board chair Baroness Deech, several lawyer peers accused the LSB of going further than the oversight role envisaged for it.
Deloitte survey: growing number of large firms preparing for ABS conversion
The growing interest in alternative business structures (ABSs) among corporate law firms has been highlighted by another survey, with 46% of those polled saying they are likely to use the ABS regime in the next three years.
“Bizarre” move to keep ABSs within compensation fund indefinitely gets green light
The Solicitors Regulation Authority is to keep alternative business structures within the coverage of the Law Society’s compensation fund indefinitely, although the move was described as “bizarre” by the Shadow Minister for Justice.
Quindell to buy top claims management company and third law firm for £70m
AIM-listed Quindell Portfolio has continued its acquisition spree by agreeing to buy leading claims manager Accident Advice Helpline for £70m – the first major deal involving a claims management company ahead of the referral fee ban next April – as well as yet another law firm.
SRA begins action against 400 COLP/COFA defaulters as first approvals are issued
The Solicitors Regulation Authority is to begin the process of pursuing the 400 law firms which have yet to nominate their compliance officers after the first tranche of approvals was issued.
From cost centre to profit centre: FTSE 250 company eyes ABS as it offers paralegal service to others
The outsourcing arm of FTSE 250 construction company Carillion could become an alternative business structure (ABS) as it looks to grow its advice services team beyond in-house and legal aid work, it has emerged.
Wealth manager targets ABS licence after major hire
Sports and media stars will be among the wealthy clients of a new alternative business structure (ABS) which has already made a high-profile legal hire while awaiting its operating licence. BlackStar Legal is associated with the tax and wealth management giant, BlackStar Group.
Rocket Lawyer to open up website to all lawyers
All lawyers will be able to have their profiles on the Rocket Lawyer website for free from early next year, Legal Futures can reveal. Founder Charley Moore said the company’s mission is to make law more “affordable and simple” for UK businesses and consumers.
Law Society tells solicitors to ignore SRA’s financial services reform as IFAs threaten JR
The Solicitors Regulation Authority’s decision to change the rules on recommending financial advisers to clients has come under fire from opponents, with the Law Society taking “the unprecedented step” of urging the profession not to follow the new provisions and IFAs threatening judicial review.
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.
