Legal Services Act
Pitt: regulators will work together on alternatives to client accounts
Frontline regulators are to collaborate on identifying business models that will avoid lawyers holding client money, it has emerged. The regulators will also come up with joint proposals to amend the Legal Services Act, for top level discussion early next year.
LSB attacks “arbitrary nature” of separate business rule
The Legal Services Board has attacked the “arbitrary nature” of the separate business rule used by the Solicitors Regulation Authority, and said the list of what is permitted and what is not is “confusing”.
Cartwright King launches first “in-house chambers”
National firm Cartwright King has opened what it describes as the first “in-house chambers”, made up of 20 advocates, including five barristers. All the solicitors in the chambers are higher court advocates.
Law firms “increasingly worried” by threat of ABSs and non-solicitor competitors
Competition from alternative business structures and non-solicitor organisations is of increasing concern to law firms, Law Society research has revealed. At the same time, compliance with Solicitors Regulation Authority rules remains the main problem identified by solicitors.
Kenny goes from regulating lawyers to defending doctors and dentists
Chris Kenny, outgoing chief executive of the Legal Services Board, is to join the Medical and Dental Defence Union of Scotland, it has emerged. The union is a fund of over half a billion pounds being managed for the benefit of 40,000 members throughout the UK.
East London ABS the first to specialise in Islamic finance
A British PhD student, a Polish accountant and a Brazilian lawyer have come together to form a unique alternative business structure, the first to specialise in Islamic finance.
Court of Appeal throws out QASA challenge
The Court of Appeal today comprehensively dismissed four criminal law barristers’ challenge to the Legal Services Board’s approval of the Quality Assurance Scheme for Advocates. With the Master of the Rolls, Lord Dyson, giving the lead judgment, the court found that the scheme is lawful.
Top European debt purchaser buys specialist advocacy law firm
One of Europe’s largest debt purchasers has acquired a Welsh law firm that specialises in outsourced advocacy following the grant of an alternative business structure (ABS) licence by the Solicitors Regulation Authority.
Urge to merge hits law firms across the land
A further series of mergers around the country have been announced as consolidation in the legal market continues to take hold. There is usually a rush of mergers each year timed to coincide with the 30 September deadline to secure professional indemnity insurance.
KPMG granted wide-ranging waivers from SRA rules
The Solicitors Regulation Authority has granted KPMG 12 waivers from the rules governing solicitors, in what appears to be a work-around ahead of proposed new rules that will make it easier for multi-disciplinary practices to become alternative business structures.
Blog
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Despite rapid advances in legal technology, the future of law will not be determined by software alone. It will be shaped by leadership decisions.
Legal director: an alternative to partnership
Firms are increasingly acknowledging the need for alternative senior roles – positions that offer influence and recognition without the obligations of ownership.
It’s time for law firms to ask tougher questions
For years, many law firms have treated ID verification as a box-ticking exercise. Run a liveness check, match a face to a document and move on. But that is no longer good enough.
