Latest news
News in brief: online directory launch, Scottish LPO bid, cash-flow squeeze, and more
Our regular round-up of news you may have missed includes an international online directory, Scotland looking for a piece of the LPO market, worsening cash-flow at law firms, a free probate offer, and much more besides.
SRA places restrictions on Parabis’s offshore operations
The Solicitors Regulation Authority has placed controls around the Parabis Group’s offshore operation in South Africa, it has emerged. Parabis received its alternative business structure licence yesterday.
LSB warns regulators over referral fee ban as government unveils CMC crackdown
The Legal Services Board has warned regulators not to go further than the legislative requirements for the impending ban on referral fees in personal injury, calling for “a liberal approach” that does not prevent alternative business structures effectively circumventing it.
First private equity backed ABS receives licence
Duke Street today became the first private equity firm to own part of a law firm after the Parabis Group received its alternative business structure licence, the twentieth so far issued by the Solicitors Regulation Authority.
Powers for Legal Services Board to raid regulators and seize documents under fire
Government plans to give the Legal Services Board powers to raid the premises of frontline regulators and seize documents have been strongly criticised for their lack of safeguards and inadequate protection of legal professional privilege.
Sub-standard legal advice and comparison websites in spotlight after Davies reappointment
Elisabeth Davies was yesterday reappointed as chair of the Legal Services Consumer Panel. The decision to keep Ms Davies in the role will keep the panel’s wide-ranging workplan on track.
Legal executives’ regulator sets sights on new practice rights and ABS licensing
The process of enabling chartered legal executives to set up their own practices has begun with their regulator looking for the power to award them rights to conduct litigation, conveyancing and probate without needing the supervision of a solicitor.
Irwin Mitchell set for external capital after receiving ABS licence
Irwin Mitchell has today become the largest law firm to become an alternative business structure and also received the first ‘multiple’ licences. In April 2011 the firm became the first to state its intention to seek external capital.
Ombudsman: complaints publication will be “imperfect” but it is not naming and shaming
The publication of complaints data will be “imperfect”, the Chief Legal Ombudsman has admitted, but it is better than publishing nothing at all and is emphatically not about naming and shaming lawyers.
Report: indemnity insurance market softening this year but underwriters wary of non-lawyer owners
There are signs of a softer professional indemnity insurance market for some law firms this year, but underwriters are looking to handle alternative business structures with care, a new report has claimed.
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.
