Market monitor

In its first trading statement since listing on AIM last month, national law firm Gateley said that it expects its 2014/15 revenue to rise 10% on the previous 12 months. Meanwhile, the listing “shows a new way forward in opening up the market through flexible regulatory practice”, the SRA said yesterday.

A mutual marine liability insurer covering the smaller vessel sector has launched an alternative business structure to service member and non-member clients, with the object of reducing claims and not generating profit.

An ambitious Merseyside practice has obtained an alternative business structure licence as part of plans to start a round-the-clock “concierge service for SMEs”, and to kick-start its overseas expansion into southern Spain, targeting the British ex-pat community.

North-west personal injury firm Thorneycroft Solicitors has been granted an alternative business structure licence by the Solicitors Regulation Authority as part of a major restructuring of its operations.

A major international consultancy specialising in research and development grants and tax credits has launched an alternative business structure to offer a wider range of employment law services to its SME clients.

Will writers have become the first practitioners to sign up to a new register of paralegals, which is set to be launched next month as part of an effort to set standards for the non-authorised legal professionals.

Slater & Gordon’s shares collapsed by 25% today after it confirmed that its audit process was under scrutiny by the Australian Securities and Investments Commission (ASIC) and that it had made errors in the accounts for its UK arm.

Slater & Gordon has fought back hard against continuing questions about its £637m acquisition of Quindell’s professional services division – which have hit its share price – revealing it expects PSD to handle 95,000 road traffic cases next year. It said there have been “no material negative surprises” since formally taking over last month.

The barrister acting for shareholders suing RBS and Tesco has been appointed as lead counsel for the potential group action being brought against Quindell. Your Legal Friend – the consumer brand of Liverpool firm Camps – has already registered more than 500 shareholders interested in joining the action

Clerksroom Direct, the online service matching direct access barristers to members of the public, has had 170 approaches so far this month, with half converting to paid work at higher average rates than expected, it has emerged.