Legal Services Act
Ombudsman gives lawyers economic incentive to improve complaints handling: increased profits
The Legal Ombudsman today appealed to solicitors’ bottom line to persuade them to take complaints more seriously, saying that law firms and other providers could increase their profits by up to 3% if they do.
Mid-sized firms have much more appetite for external investment than MDPs, survey finds
One in five mid-sized law firms expects to seek external investment to fund expansion within an alternative business structure, according to a major benchmarking survey. However, very few see a merger with non-lawyer professionals in their future.
Top insurer Markel wins approval to buy ABS – and its listed owner
The first acquisition of a listed company that in turn owns an alternative business structure went through last week after leading insurer Markel won court approval for the scheme of arrangement to buy Abbey Protection Group plc.
Cypriot construction consultancy becomes ABS for its international kudos
An international construction law consultancy has become an alternative business structure (ABS) in order to take advantage of the esteem in which English firms are held elsewhere in the world, in one of the more unusual ABSs seen to date.
SME legal advice website returns to crowdfunding for investment
An online legal service aimed at small businesses yesterday launched its second round of ‘crowdfunding’ in less than a year, while awaiting an alternative business structure (ABS) licence with a view to obtaining further equity.
Legal365 chief says city centre law shops are set to become reality
The long-awaited opening of Legal365’s first city centre law shop will take place this year, one of its architects has told Legal Futures. Legal365 is a joint venture between Yorkshire law firm Last Cawthra Feather and entrepreneur Ajaz Ahmed, the founder of Freeserve.
Papers reveal Bar intransigence over BSB independence row
The Legal Services Board was on the verge of issuing an unprecedented public censure of the Bar Council over its interference with the independence of the Bar Standards Board, new papers have revealed.
Report urges firms to swap ‘growth for growth’s sake’ with new ways of delivering legal services
Law firms need to re-examine their traditional business models and embrace change in how legal services are delivered if they are to survive, new research has argued. It said they need to build a better boat, not a bigger one.
PI firm adds ABS licence in dash for “spectacular” growth
A Lancashire personal injury firm that has grown from four to 100 staff in under four years and its turnover to £4.5m, has acquired an alternative business structure licence as part of ambitious growth plans.
LegalZoom eyes acquisitions after taking major private equity investment
LegalZoom – the online US legal services business that recently launched in the UK – has strengthened its financial position by selling a large chunk of the business to leading European private equity company Permira.
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.
