Latest news
“Panic or paranoia” driving some firms to ABS
Some law firms are considering conversion to an alternative business structure (ABS) out of “panic or paranoia” without first getting their own houses in order, experts warned yesterday. Lawyers need first to build sustainable businesses, they said.
Survey: commercial firms eyeing up ABS opportunities, including MDPs and external cash
Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.
LeO “going too far” with bid to allow prospective clients and third parties to complain
The Legal Ombudsman is going too far in proposing to allow prospective clients and third parties to complain about lawyers, the Law Society has claimed. Chancery Lane found support from the Council for Licensed Conveyancers.
New QASA row erupts over role of solicitors in youth court cases
A key section of the final consultation on the Quality Assurance Scheme for Advocates has been condemned as “misleading and inaccurate” by a member of the Bar Standards Board, amid controversy over advocacy standards in the youth courts.
ABSs and stagnant economy pushing big firms towards merger, Deloitte predicts
Merger activity among the country’s top firms is likely to increase as they grapple with both the Legal Services Act and a stagnant economy, leading accountancy firm Deloitte has predicted.
Jackson reforms will spark rise in solicitor/own client disputes, costs specialists warn
The Jackson reforms will lead to a rise in the number of costs disputes between solicitors and their clients, as well as demand for help with costs management, specialist costs lawyers have predicted.
In brief: regulators reassure firms over RBS ‘breaches’, £1m apprenticeships boost and more
Our latest round-up of key news includes the SRA and CLC offering relief to solicitors in breach because of RBS/NatWest computer problems, £1m of government money for legal apprenticeships, a destination for dormant client money, the Co-op’s new will-writing partnership, and much more.
SRA: 30 ABS applicants in formal decision phase; further 130 working through plans
Around 25-30 would-be alternative business structures have formally completed their applications and are now being considered for licences – with decisions on a few “quite imminent” – the Solicitors Regulation Authority has revealed.
Version 4 of Handbook goes live as SRA promises no further COLP/COFA delay
The fourth edition of the SRA Handbook in less than 10 months was published yesterday. It includes the delay in the introduction of the compliance officer regime, and the SRA has guaranteed that there will be no further hold-ups.
Exclusive: Law Society begins work on creating solicitor comparison website
The Law Society is investigating whether to launch its own solicitor comparison website, Legal Futures can reveal. There is an internal debate going on as to whether this would enable comparison on price as well as other factors.
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.
