Latest news

The British Bankers Association, consumer group Which? and Martin Lewis of MoneySavingExpert.com have called on the government to take urgent action to clamp down on the activities of claims management companies bringing payment protection insurance mis-selling cases.

The Solicitors Regulation Authority is set to delay the compliance officer regime, it has emerged. The scheme for compliance officers for legal practice (COLPs) and for finance and administration (COFAs) was due to go live on 1 November.

HSBC has today caved into pressure from the Law Society and estate agents, and agreed that the 1,400 law firms operating under the Law Society’s Conveyancing Quality Scheme mark can act for the bank – and they will not have to work under its fixed-fee regime either.

The most profitable small and medium-sized legal practices generate almost £1m in fee income per equity partner, nearly three times that of the least profitable, new research has revealed. It also highlighted the significant impact that gearing has on profitability.

With more and more barristers capable of serving the public directly, it may seem like public access is only going to lead to greater competition with solicitors. But, argues senior clerk Scott Baldwin, there is actually a business opportunity here that could benefit both sides.

AIM-listed online conveyancing business In-Deed – which last year became the first business to announce its intention to invest in law firms – has today begun its acquisition programme after admitting that its direct-to-consumer model is not growing as quickly as hoped.

Solicitors Regulation Authority plans to introduce multi-million pound fines for law firms are a “significant breach of Parliament’s intentions” and in any case wrong on policy grounds, the Law Society has claimed.

The Legal Services Board is likely to survive the government’s triennial review of its functions largely unscathed, despite a series of attacks from those it oversees, it has emerged.

LegalZoom, the leading US online legal documents service, is to boost its plans to open in the UK this year with an initial public offering in New York that aims to raise $120m (£75m). LegalZoom said international expansion was one of the main reasons for going public.

Alternative business structures may well herald the demise of hourly billing as legal practice becomes even more competitive, the Master of the Rolls has predicted. Contingency fees and price comparision websites will also play a role.