Legal Services Act
First Polish-owned, Polish-speaking ABS targets East European clients
The first Polish-owned, Polish-speaking alternative business structure opened for business at the start of this month – with the help of a British solicitor. Optimal Solicitors started life as a claims management company before converting.
‘We’ve done our homework on Quindell,’ Slater & Gordon insists
Slater & Gordon has moved to dispel any doubts about the wisdom of its acquisition of Quindell’s professional services division (PSD), emphasising the work it put into going over the books. It also revealed that the PSD will operate as a standalone division.
Quindell sale moves closer after shareholders approve deal
The sale of Quindell’s professional services division moved a major step closed today after the company’s shareholders approved the disposal to Slater & Gordon.
Unnecessary ABS approval rules to be scrapped in latest regulation bonfire
The rule which requires the Solicitors Regulation Authority to approve the individuals who own companies that in turn own alternative business structures is set to be scrapped. The requirement for firms to keep a record of non-material breaches of the SRA Handbook may also go.
Global insurance giant backs legal business’s ambitious growth plans
Insurance giant Markel has laid out its plans to rapidly expand LHS Solicitors, an alternative business structure which combines the law firm and legal helpline it bought last year as part of its acquisition of Abbey Protection Group plc.
We’ve had to make “difficult judgement calls”, consumer panel chair admits
The Legal Services Consumer Panel has had to make “difficult judgement calls” in balancing the competing needs for increased access to services with consumer protection, the panel’s chair, Elisabeth Davies, has admitted.
Cahill Gordon & Reindel is first US firm to set up an ABS (really)
Cahill Gordon & Reindel, based in New York, has become the first US firm to set up an alternative business structure in the UK, Legal Futures can reveal. Its head of legal practice is Richard Kelly, a London-based partner.
Co-op Legal Services stems losses and declares 2015 “our foundation year”
Co-operative Legal Services (CLS) stemmed its losses in the second half of 2014 and remains a core part of the wider Co-operative Group, today’s annual results have revealed. While the group has returned to profit, CLS recorded a loss of £5m for the year.
Consumer panel attacks CLC over plans to halve compensation grants
The Legal Services Consumer Panel has strongly attacked plans by the Council for Licensed Conveyancers to cut the size of grants from its compensation fund from £1m to £500,000 – a quarter of the amount clients of solicitors can claim.
Regulation round-up: the first US law firm ABS that wasn’t – thanks to SRA error
Jenner & Block has not become the first US law firm licensed as an alternative business structure, it has emerged – rather it was an error by the Solicitors Regulation Authority. Plus, call for QC to be open for all, and new members of LeO’s board.
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.
