Alternative business structures
March of the accountants – now KPMG gains ABS licence
KPMG has become the second member of the ‘Big Four’ accountants to be awarded an alternative business structure licence. However, unlike PwC, KPMG said it has no intention of developing a standalone legal practice.
Legal recruitment consultant sets up commercial law ABS
Stuart Gillespie, founder of recruitment company G2 Legal, has set up a commercial law alternative business structure with his in-house solicitor, Lucy Tarrant. They are partners in Cognitive Law LLP.
Revealed: SRA seeks five-fold increase in fining power
The Solicitors Regulation Authority has reined in its ambitions for massive internal powers to fine solicitors and ‘traditional’ law firms, applying to increase the current £2,000 limit to £10,000.
Law Society accuses SRA of helping large accountancy firms over others
Solicitors Regulation Authority plans to make it easier for multi-disciplinary practices to be licensed as alternative business structures will give the large accountancy firms a competitive advantage, the Law Society has claimed.
Legal Ombudsman outlines test for dealing with complaints about MDPs
The Legal Ombudsman has introduced a policy for dealing with complaints about organisations which provide non-legal as well as legal services, such as some alternative business structures and, shortly, accountants who offer probate advice.
SRA board backs moves to help MDPs, but charts cautious course on ditching accountants’ reports
The board of the Solicitors Regulation Authority today approved a series of measures to further its regulatory reform programme, including making it easier for multi-disciplinary practices to become alternative business structures.
BSB not expecting barrister rush to create entities
The Bar Standards Board (BSB) is not expecting the introduction of entity regulation to lead to many barristers joining forces in a single business, it has emerged.
Quindell claims libel “victory”
Outsourcing giant Quindell has claimed victory in a libel action against Gotham City Research, an American company which triggered a collapse in Quindell’s share price by publishing a highly critical report.
Co-operative Legal Services makes £5m loss in first half of 2014
Co-operative Legal Services (CLS) has announced an operating loss of £5.1m in the first half of 2014, a 70% increase on last year. However, there is no sign of the Co-operative Group selling it off.
Global wealth consultancy launches ABS
Oracle Capital Group, a global family and wealth consultancy based in Luxembourg, is launching an ABS. The aim is to offer legal advice to its international clients, many of whom are entrepreneurs or business owners conducting transactions in or relocating to the UK.
Blog
Beyond the PII premium – rethinking risk
Professional indemnity insurance renewal is often treated as an annual pricing exercise. But it is also a chance to show how effectively you identify, manage and mitigate risk.
The AI governance gap in law firms and why it matters now
A third of law firms are already using AI tools with no formal policy in place to govern how AI gets used, what data goes into it, or who’s accountable when something goes wrong.
Information isn’t oversight – lessons from the PM Law review
The PM Law review’s real findings perhaps point to a failure mode applying to any organisation sitting on scattered risk information.
Reports
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