Market monitor

City law firm Fieldfisher has created an ‘alternative legal solutions’ platform that offers financial services clients “customisable and process-efficient services, all of which go beyond the traditional law firm offering” – and at a lower cost.

A legal business which employs paralegals to handle straightforward work directly for clients while managing qualified lawyers on the advisory aspects of their case, has been launched by a serial legal services entrepreneur. He describes it as the UK’s first “para-law firm”.

Pioneering alternative business structure Triton Global has been acquired by national law firm DWF in a pre-pack administration deal that saves all 215 jobs. Triton is a multi-disciplinary insurance business combining legal advice, claims administration and loss adjusting that became one of the first ABSs to introduce employee ownership.

A financial health analysis of law firms based on annual accounts has predicted that at least 500 firms are heading for collapse in the next three years, with law firms at greater financial risk than businesses as a whole – but the profession was warned that the toll could be higher still.

The Ministry of Justice has revived the idea of price competitive tendering for legal aid contracts – this time for court-based duty solicitor advice on housing. The proposals would cut the number of housing duty solicitor schemes by more than half, from 117 in 2015-6 to 48.

A ‘Global Britain’ summit is to be held in the spring to highlight “the vital role played by the legal services sector in underpinning our economy”, the Ministry of Justice announced today. Lord Chancellor Liz Truss also spoke out about the importance of cross-border cooperation in civil justice continuing after Brexit.

Commercial law firms need to adopt a “redesigned approach to legal services”, including “paraprofessionals, technologists, information specialists, process managers and others” as well as lawyers, a major report has argued.

RSM has become the largest firm of accountants outside of the Big Four to launch a legal practice with an alternative business structure licence. The UK’s seventh largest provider of audit, tax and consulting services – which has revenues approaching £300m a year – will target mid-tier and owner-managed businesses with RSM Legal.

Leading London law firm and alternative business structure Mishcon de Reya yesterday announced the creation of an incubator for lawtech start-ups, with the founder saying it was less about investment than helping to change the firm’s culture to embrace technology.

A DIY online information service run by the law firm owned by global insurance giant Markel has been opened up to individual SME subscribers. LHS Solicitors charges £45 a year for full access to a ‘digital hub’ which has templates, factsheets, guides, and legal documents, aimed at businesses.