Latest news
Barristers to return all interest to clients with new account facility
Barristers using the new escrow account so they can deal with client money will not retain any interest, it has emerged. The Bar Council’s BARCO scheme should also prove difficult to defraud, according to the man who has led its development.
SRA throws weight behind global legal regulators' network
Legal regulators from around the world have agreed to create an information-sharing network as a first step towards the eventual formation of a global regulators’ organisation.
Accountants attack bid to pull them into regulatory net for will-writing and estate work
Accountants should be excluded from Legal Services Board plans to reserve will-writing and estate administration, their professional body has argued. Meanwhile, it is not yet clear whether the SRA will be allowed to regulate will-writers.
Extending LeO’s jurisdiction to claims managers may make things worse, Law Society warns
The problems claims management companies cause consumers will not be solved by giving the Legal Ombudsman jurisdiction over them – and may even be exacerbated, the Law Society has warned.
LSB: regulating will-writing and estate work will grow market and benefit solicitors
The reservation of will-writing and estate administration should boost the amount of work and allow existing providers such as solicitors to become more competitive, the Legal Services Board said today as it laid out how the regime will work.
City law firm to launch ABS integrating legal advice with HR consulting
A City-based law firm next week launches an alternative business structure (ABS) to offer employers a range of human resources consulting and ‘employee engagement’ services, integrated with its existing legal practice.
Barristers to have facility to deal with client money from next year
Barristers will soon be able to offer a full range of legal services after the Bar Council unveiled a third-party escrow account which will hold client money. All funds are to be held in a ring-fenced account with Barclays.
Hundreds of firms face SRA enforcement action over COLP and COFA failure
Hundreds of law firms that have yet to nominate their compliance officers could soon face enforcement action, the SRA has warned. Separately the SRA is to conduct visits to 100 random law firms to check on their compliance with equality and diversity rules, while more than 10,000 solicitors have registered their intention to join QASA.
Where are the MDPs? Waiting for the accountants to start setting them up
There is so far little evidence that alternative business structures (ABSs) will spawn large numbers of multi-disciplinary practices (MDPs), and those that do are likely to be accountancy led, it was claimed yesterday.
Shoosmiths claims new bereavement service marks it out among law firms
Access Legal, the consumer arm of Shoosmiths, has launched a service to help the recently bereaved that it claims is unique among law firms. The ‘Bereaved Service’ is intended to provide a wide range of advice with no obligation to purchase any services.
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.
