Latest news
Law firm joins forces with seven other businesses to launch collision-to-settlement ABS
A new business that brings together a law firm with seven other service providers needed to manage a motor accident from collision to settlement has applied for alternative business structure status, Legal Futures can report.
Survey: consumers keen on online legal services – so long as there is professional support
Consumers are open to using online legal services, so long as they are coupled with professional support, according to new research. A survey of 503 consumers found that over two-thirds were attracted by the idea of performing legal tasks on the Internet.
Non-lawyer staff causing law firms problems, says leading regulator
US law firms are increasingly running into trouble when they allow non-lawyers to take an active part in front-of-house relationships with clients, a top California legal regulator has revealed.
Here come the brands: AA applies for ABS licence…
The AA has applied for an alternative business structure licence, Legal Futures can reveal. It follows the success of the motoring giant’s online legal document service, which was launched two years ago.
… as Saga expands into fixed-fee private client services and bids for ABS status too
Over-50s specialist Saga has today launched a new range of legal services which it claims aims to make the market “more straightforward in terms of charges, language and accessibility” – and has also applied for an alternative business structure licence.
Relief for solicitors’ wallets as small number of firms apply to enter ARP
The number of applications from law firms to enter the assigned risks pool in its last year is back to pre-crisis levels, the Solicitors Regulation Authority has reported. This year the profession is liable to pay the first £10m in claims that arise from the pool.
Susskind: firms starting to embrace new ways of working as ‘legal factories’ loom
Pressure from in-house lawyers has encouraged some law firms to come out of denial and realise that they need to find new ways to handle and price work, legal IT guru Professor Richard Susskind has claimed. However, there was still considerable resistance to alternative fee arrangements.
SRA ‘unsure’ whether to act on complaints of loss-leader pricing by law firms
Complaints from competitors that a law firm is engaging in predatory pricing are difficult to deal with, the Solicitors Regulation Authority admitted last week. At the same time, regulators were urged to make it easier for firms to inform them about what other practices in their area were up to.
SRA independence still a concern as LSB keeps Law Society on report but eases demands
The Legal Services Board yesterday expressed continuing concerns about the independence of the Solicitors Regulation Authority from the Law Society. This has led the LSB to issue a new statutory notice requiring the society to provide it with information.
Commercial firms “surprisingly” confident of profitability hike
Two-thirds of commercial law firms are surprisingly confident of increasing profits by at least 10% in each of the next two years, despite concern about competition from ABSs, according to new research.
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.
