Legal Services Act
Legal Ombudsman sets lowest budget to date but fears staff turnover following expenses row
The legal profession is set to pay less than ever for the Legal Ombudsman in the coming year, although the organisation has warned that the recent furore over its employee benefits scheme has increased the risk of extra costs arising from higher staff turnover.
High Court rejects challenge to closure of ABS from solicitor who “lost ethical compass”
The High Court has rejected a challenge to the closure of an alternative business structure by the Solicitors Regulation Authority. It was the first time an ABS closure decision has been tested in the High Court.
Gateley eyes acqusitions as it says listing will give “first-mover advantage”
National law firm Gateley has today formally announced its intention to float on AIM, saying the “first mover advantage” it will gain by being the first listed law firm will provide “a platform to expand and diversify”.
Gateley confirms that work has begun on becoming first listed law firm
National law firm Gateley has confirmed reports that work to become the first publicly listed law firm is underway after it appointed bankers to advise on a £130m float on AIM this summer.
Cambridgeshire financial advisers use ABS to buy law firm
Cambridgeshire financial advisers Beacon Wealth Management have used an alternative business structure to buy a local law firm. Tony Larkins, managing director of Beacon, said it had always been his aim to own a law firm and accountancy practice.
BSB promises “lighter weight and less costly” regulation as it applies to licence ABSs
The Bar Standards Board has promised to provide “lighter weight and less costly” regulation than its rivals as it applied to become a regulator of alternative business structures last week. “Many potential entities” wanted to “exploit the greater flexibility” that operating as an ABS could provide.
Ambitious firm combining law and accounting nears national coverage with triple acquisition
Fast-growing HCB Solicitors and Chartered Accountants has announced the purchase of three more law firms this week as it closes in on its ambition to have national coverage. They take its national tally of offices to 26 and staff to around 350.
First4Lawyers moves beyond PI with consumer law offering
Leading marketing collective First4Lawyers – which has hitherto focused exclusively on personal injury and clinical negligence cases – has expanded into six other areas of consumer law in a major new push supported by more than 2,000 television advertisements a month.
The solicitor will see you now: British Medical Association sets up ABS for doctors
The British Medical Association (BMA) has launched a ground-breaking alternative business structure to service the legal needs of its 154,000 members, Legal Futures can reveal.
NewLaw vendors receive final £5m pay-out for sale to Redde plc
The owners of NewLaw Solicitors have received an issue of shares worth £5.16m as final consideration for its acquisition by Redde plc. Law firm-owning Fairpoint Group and Slater & Gordon have also issued stock market announcments.
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.
