Latest news
SRA set to delay COLP and COFA regime to 2013
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 caves in over conveyancing panel
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.
Most profitable practices generate three times the income per partner of the least profitable, says survey
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.
Direct public access – a chance for barristers and solicitors to work together, not against each other
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 conveyancing business announces first law firm acquisition
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.
Law Society launches stinging attack on SRA plan for massive fining powers
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.
LSB set to survive government review despite best efforts of frontline bodies
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 gears up for UK entry with $120m IPO
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.
Neuberger: ABSs herald death of hourly billing
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.
SRA under fire for “failing to act” on bogus law firm warning
A Birmingham law firm is considering action against the Solicitors Regulation Authority for failures which it claims led to it being tricked by a bogus practice as part of a mortgage fraud and now facing a court order to repay £184,500 to the lender.
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.
