Legal Services Act

Pioneering alternative business structure NewLaw has made “an encouraging start” to life under the ownership of accident management business Redde plc, the company said yesterday, with profits of £2.1m in its first four months.

Falling revenue from personal injury work is the reason for the £5.1m loss announced by Co-operative Legal Services (CLS) yesterday, managing director Matt Howells has said.

Turnover is up by two-thirds in the two years since James Caan invested in Staffordshire-based Knights, the firm has announced. The firm, which has offices in Stoke, Chester and Cheltenham, has seen turnover go from £9m to £15m.

Co-operative Legal Services (CLS) has announced an operating loss of £5.1m in the first half of 2014, a 70% increase on last year. However, there is no sign of the Co-operative Group selling it off.

The Legal Services Board said yesterday that it supports recognition of fee-charging McKenzie Friends as a “legitimate feature of the evolving legal services market”, but also called for safeguards.

Private equity business Palamon Capital Partners has brought in technology lawyer David Grossman to spearhead its plans to build the UK’s largest legal services provider.

There needs to be “significantly more progress” to break the hold of Britain’s elite on the legal profession, the Legal Services Board has claimed. It followed a report published last week that found fewer senior judges went to comprehensive schools than any other group of top professionals.

The ‘other’ listed Australian personal injury firm – Shine Lawyers – considers itself “well placed” to take advantage of the changing UK legal market, it said yesterday.

Oracle Capital Group, a global family and wealth consultancy based in Luxembourg, is launching an ABS. The aim is to offer legal advice to its international clients, many of whom are entrepreneurs or business owners conducting transactions in or relocating to the UK.

The solicitor in charge of a network of 136 West Midlands firms has said it aims to lead the way in support for small law firms, while remaining outside any national group. Hub.Legal is operated by FBC Manby Bowdler, formerly a hub in Pannone’s Connect2Law network.