Legal Services Act
Competition watchdog urged to study customer review websites in legal market
The Legal Services Board has called on the Competition and Markets Authority to extend a study of comparison websites to include customer review sites, given their particular sensitivity in the legal market.
Exclusive: LeO “frustrated” by lack of redress for clients of unregulated providers, says chief ombudsman
The Legal Ombudsman (LeO) is “some way off” handling complaints about unregulated legal services providers, the chief ombudsman has admitted. However, Kathryn Stone said it was “deeply frustrating” to LeO staff that consumers of unregulated services had no access to redress.
Specialist employee ownership firm becomes ABS to extend its own employee ownership
A niche law firm specialising purely in employee ownership has become an alternative business structure to extend its own scheme to non-lawyers. The firm, a limited company, was one of the first in the country to introduce employee ownership four years ago.
Wealth management company takes on dual SRA/FCA regulation after becoming ABS
A wealth management firm has become an alternative business structure and one of the first to adopt dual regulation by the Solicitors Regulation Authority and Financial Conduct Authority. In other ABS news, the vendors of Simpson Millar are to receive a further £3m after achieving the target for their earn-out.
MoJ set to press ahead with regulatory independence
The Ministry of Justice has no intention of dropping its plans to separate the legal regulators from their representative bodies, it said yesterday as it unveiled reviews of how the Legal Services Board and Legal Ombudsman are operating.
ABS round-up: Sports law firm plans to bring anti-doping science in-house, plus much more
A London-based sports law firm that counts among its clients the tennis star Maria Sharapova and world champion cyclist Lizzie Armistead, has become an alternative business structure with the aim of bringing analysis of substances in-house. We also round up ABS news from Crawford Legal, Gateley, Express Solicitors and Redde.
Tory MPs lobby Truss to get on with whiplash reform
A group of Conservative MPs will next week lobby justice secretary Liz Truss to press ahead with the proposed personal injury reforms. Last week it emerged that the long-awaited consultation on raising the small claims limit and removing general damages for low-value soft-tissue injuries has been unexpectedly put on the backburner.
“Growing interest” in barrister-run ABSs
The Bar’s regulator will take a “cautious” approach to licencing alternative business structures (ABSs) and look closely at non-lawyer owners to ensure no “naughty” behaviour, but said over the weekend that there is strong interest in the possibilities on offer.
Survey predicts partnerships out, ABS in
Most lawyers expect the law firm partnership model to wither over the next decade, as the legal services market embraces alternative business structures and technology, while ditching hourly billing – according to a new survey.
SRA imposes conditions on PwC’s new ABS licence
The Solicitors Regulation Authority has imposed conditions on PricewaterhouseCoopers’ new alternative business structure licence to ensure that lawyers working for the ‘big four’ firm continue to observe key principles of conduct when handling unreserved work.
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.
