Market monitor
Ex-Linklaters partner urges big firms not to furlough staff
A former Linklaters partner now researching ethics at big law firms has urged them not to furlough or make staff redundant if the goal is to maintain partner profitability levels.
Fee-earners “generate little profit” for SME law firms
Just under 90% of fees generated by fee-earners at small and medium-sized law firms last year were used to cover their costs, Law Society research has found.
Lockdown update: Video signings, emergency appeal and more
A group that contains both a regulated and unregulated law firm has launched what it says is the first video-signing service for statutory documents, as we round up the latest coronavirus news.
Week two of lockdown: Pride as work continues for many
Clients did not disappear and matters did not ground to a halt in many practice areas during the second week of the coronavirus lockdown, research has found.
MoJ eyes further support for legal aid firms and junior Bar
The Ministry of Justice is considering the idea of continuing to pay legal aid firms the average amount they claim each month to help them survive the coronavirus crisis.
New ABS targets ‘David and Goliath’ insurance disputes
A start-up alternative business structure has been launched to bring City solicitor expertise to bear to help consumers and SMEs win disputes when insurers fail to honour their policies.
Rosenblatt: Trading unaffected by coronavirus to date
Listed law firm Rosenblatt has not yet experienced any impact on its trading since the start of the coronavirus crisis, but is to delay paying out dividends to investors.
Huge growth at PI ABS but Leeds office put on ice
Staff numbers at personal injury law firm Bond Turner grew by 65% last year but the listed company that owns it has put the firm’s expansion to Leeds on hold during the coronavirus crisis.
MoJ offers some financial support for legal aid firms
The Ministry of Justice has introduced economic help for legal aid firms, making hardship payments easier to access and pausing debt repayments to the Legal Aid Agency.
Most chambers “face collapse” without government cash
More than half of barristers’ chambers will go out of business within six months if they do not receive financial support from the government during the coronavirus crisis, the Bar Council has warned.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
