Legal Services Act

Former Quindell executive chairman Rob Terry has formally lost his right to buy back nearly 9m shares in the company under the sale and repurchase agreement that led to his resignation.

Expertise from outside the profession is becoming a vital part of the success of law firms and clients are increasingly dictating the pace of change in the legal services market, a panel of non-lawyer industry experts has said.

The “unbalanced promotion of competition” in the legal services market “carries dangers” and puts ethical standards at risk, a major report based on a survey of 966 solicitors and barristers has concluded.

‘Dispersed’ firm Keystone Law has set out an ambitious growth strategy for the firm in the wake of taking external investment, which will see it more than double the number of its offices.

Lawyers expect the opening up of the legal market to lead to more multi-disciplinary professional services companies, offering consultancy, business and legal advice, research has shown.

Law firms should be able to provide accountancy and other services without setting up separate businesses to help them compete with alternative business structures, the Solicitors Regulation Authority has proposed.

Chris Kenny, chief executive of the Legal Services Board, said he had written to “senior officials” at the Ministry of Justice objecting to plans that risk “undermining our independence from government”.

The “traditionally wide” knowledge gap between lawyers and consumers is “narrowing all the time”, Canadian futurologist Jordan Furlong told delegates at this week’s Legal Futures Annual Conference.

Genus Law, the Leeds-based alternative business structure formerly known as Brilliant Law that is backed by gambling entrepreneur Bert Black, has made its first acquisition. The purchase of niche employment firm Pharos Legal is a “model for what we’re going to do going forward”.

Law firm network Connect2Law has this week been relaunched with a new format and seven ‘platinum’ members who will work alongside leading alternative business structure Parabis.