Legal Services Act

A successor to the Legal Services Act 2007 is urgently required to build on the Act’s successes and to iron out the problems that have emerged since, according to a leading market commentator.

A firm set up by Mark Johnson, a solicitor and former partner at Geldards, is among the first dozen entities to be named today as regulated by the Bar Standards Board. He did it because of access to Bar Mutual indemnity insurance and the Bar’s “simpler and more transparent” rules.

Sir Michael Snyder, senior partner of top 20 accountants Kingston Smith, has welcomed a change of approach to multi-disciplinary practices at the Solicitors Regulation Authority after describing the “sheer hell” of the firm’s first attempt to become an alternative business structure.

The trend towards fewer, bigger law firms and fewer partners is continuing, despite increasing numbers of practicing solicitors, the annual Law Society statistical report has confirmed.

Slater & Gordon has hit its target of raising £456m from a share issue to fund its acquisition of Quindell plc’s professional services division. Around 70% of the £637m initial purchase price is being funded through new shares, with the rest through bank debt.

A groundbreaking alternative business structure that last year embraced employee ownership has seen the valuation of its shares rise 15% over the past 12 months. Staff at Triton Global each received a free initial tranche of shares and nearly two-thirds have since invested further to the collective tune of £58,000.

The young entrepreneur behind RateMyBarrister.com has expanded the site to include solicitors. William Rees, a barrister based in Cardiff, accepted that this would mean finding a new domain name.

A lawyer comparison website aimed at SMEs is poised to begin an “aggressive growth” campaign to win market share, after securing substantial investment 18 months after it launched.

The battle for criminal legal aid contracts is underway, with Duncan Lewis – which describes itself as the country’s largest legal aid provider – unveiling a consortium that will bid for duty provider contracts nationwide.

The Institute of Chartered Accountants in England and Wales (ICAEW) has licensed 48 alternative business structures to carry out probate work in its first six months as regulator, it has emerged.