Latest news
SRA’s red tape bonfire to move onto vexed question of non-material breaches
The Solicitors Regulation Authority is to revisit its policy on requiring firms to report non-material breaches to examine whether it amounts to an “unnecessary burden” on the profession. Its board yesterday approved the first 10 proposals in its red tape initiative.
LSB: much to do to make SRA’s performance satisfactory
The Solicitors Regulation Authority has “substantial work” to do before it can consider its performance satisfactory, including making its rules less prescriptive, the Legal Services Board said today.
LSB chief questions need for training contract and pupillage, and pushes for faster ABS process
A training regime whose only specification is what a newly-qualified lawyer should be able to offer on day one is the kind of deregulation the Legal Education and Training Review should be considering, according to the chief executive of the Legal Services Board.
Liverpool firm “open to external capital” as it gains ABS licence
A Liverpool firm that describes itself as “very open-minded” about external investment is one of a pair of firms to receive the latest alternative business structure (ABS) licences from the Solicitors Regulation Authority.
Ban on barristers expressing personal opinions on cases set to end
Barristers should soon be free to give their personal opinions on cases when the rule restricting them to voicing only clients’ views is finally lifted – four years after the change was first mooted. Their regulator said lifting the same ban on solicitors had not caused a problem.
Law Society set for confrontation with ICAEW over ABS application
The Law Society will challenge the application by the Institute of Chartered Accountants in England and Wales to become an alternative business structure regulator, Legal Futures can report. The question of separating regulation and representation is a key bone of contention.
Full distribution “on the wane” as big firms look to retain profit
The full distribution remuneration model is on the way out because law firms want to stockpile funds within the business, according to a survey. It is being phased out in favour of a more ‘corporate’ approach to bolster firms’ finances.
Major study lays bare finances of SME law firms: best have 40 times the PEP of the worst
Profits per equity partner at the most successful small and medium-sized firms were more than 40 times those of the bottom-earning firms last year, a major study by NatWest has revealed. “It could be observed that the average firm was making virtually no real profit,” it also reported.
City solicitors warn SRA that whistleblowing plan could undermine compliance officers
City solicitors have called for clarity from the Solicitors Regulation Authority over the reporting of rule breaches and misconduct, while arguing that compliance officers should be the first port of call for whistleblowers.
Survey: strong interest in MDPs and external capital among big firms
There is strong interest among the UK’s largest law firms in joining forces with a non-legal practice in the next two years, while several are also looking at external capital, according to new research.
Blog
When AI becomes a line on the client’s bill
On 23 June, Legora changed how it charges. The platform announced that its most capable product was moving away from a flat per-seat licence fee to consumption-based pricing
Which legal AI will still matter in 12 months?
Four years ago, when senior partners asked me which legal AI they should buy, I would have walked them through a vendor comparison. Now I tell them the question is wrong.
Supreme Court redraws line between member and employee in LLPs
For anyone advising professional services firms on LLP structuring, and of course for those in LLPs themselves, last week’s Supreme Court ruling is an essential read.
