Legal Services Board
LSB launches formal probe into regulating will-writing, probate and estate work
The Legal Services Board today launched its first statutory investigation into whether to extend the scope of regulation, after its consumer panel recommended making will-writing a reserved activity. It goes further, however, by looking at what measures are required to protect consumers in the probate and estate administration markets as well,
SRA board moves to solicitor/lay parity with appointment of ex-LCS chief
The board of the Solicitors Regulation Authority this month moved to parity between solicitor and lay ordinary members, ahead of introducing a lay majority in two years’ time. Shamit Saggar, the former chairman of the Legal Complaints Service, joined the board this month as part of a deal with the Legal Services Board.
LSB may call time on separate business rule over fears it could inhibit ABSs
The rule which prevents solicitors and in the future alternative business structures (ABSs) from hiving off unreserved legal work into unregulated businesses may stifle new entrants to the market, the Legal Services Board has warned. The board is now considering a review of the rule’s “continuing relevance”.
Want to float your law firm? You need a business worth at least £75m, says banker
Law firms will need a turnover of at least £75m to list on the stock exchange, a leading investment banker said this week. This is because “the public markets prefer larger businesses at the moment” and smaller ones may struggle with liquidity.
A single regulator for all lawyers post-ABS is “logical and plausible”, says LSB report
A single regulator for all legal services is “logical and plausible”, but not inevitable, a report for the Legal Services Board has concluded. Former Ministry of Justice official Nick Smedley argued that the existence of multiple regulators “focused on the differences of individual practitioners” is unlikely to be relevant in a post-alternative business structures market.
ICAEW bids to regulate accountant-led ABSs on back of probate rights application
The Institute of Chartered Accountants in England and Wales (ICAEW) is investigating how it can license accountancy firms to become alternative business structures and provide legal advice to clients, Legal Futures can reveal. The ICAEW is set first to apply for the right to regulate its members to provide reserved probate activities.
New research on aptitude tests warns of potential inherent bias
There are a number of risks and dangers associated with using an aptitude test to select law students – particularly that it will favour those from privileged and certain class and ethnic backgrounds – a report commissioned by the Legal Services Board has concluded.
SRA receives green light to license ABSs
The Legal Services Board is to recommend to the Lord Chancellor that the Law Society – through the Solicitors Regulation Authority – become an alternative business structure licensing authority. However, there has been a disagreement over the separate business rule.
LSB to reduce levy on profession as Law Society reveals £57m surplus
The Legal Services Board is to reduce its funding call on the legal profession after coming in under-budget for the 2010/11 financial year. The news comes as the Law Society revealed a £57m surplus for 2010 and that chief executive Des Hudson enjoyed a 14% pay rise.
Public still want face-to-face legal advice in key areas, LSB research finds
Face-to-face advice remains important to clients in several key areas of legal work and can help ward off complaints, Legal Services Board research has found. The research by YouGov discovered face-to-face advice most prevalent in family matters and will-writing.
Blog
Listening, learning and leading The Solicitor’s Charity with care
As I prepare to hand over the mantle of chair of The Solicitor’s Charity next month, it doesn’t feel like an end. Instead, it feels like a wonderful journey.
Is competition in the legal sector stifling innovation?
As the legal sector’s competitive landscape continues to evolve, Nobel laureates remind us that innovation is not inevitable,and that competition may not always be an incentive to innovate.
What high-performing consumer claims firms get right
Recurring concerns about parts of the volume claims sector show that the gap between well-run firms and those struggling to manage volume effectively is widening.
