Legal Services Act
Consumer panel throws weight behind compulsory lay chairs plan
The Legal Services Board’s consumer body has come out strongly in favour of making it compulsory that the chairs of the frontline regulators are not drawn from the profession, saying it would help counter conservatism in liberalising the legal market.
Business demand for legal advice to rise sharply but many will shop around
The economic recovery is set to benefit lawyers with new research finding that two-thirds of businesses expect their spending on legal services to increase over the next year. The research found that there will be quite a battle for this work, however.
Quindell raises £200m to fund expansion as doors finally shut on first ABS failure
Alternative business structure (ABS) Quindell Portfolio Plc has raised £200m through a share placement to fund “significant growth opportunities” amid other ABS news that has seen the first failure formally consigned to history.
Small and mid-sized firms eye external investment in bid to take on ABS competition
Small and medium-sized law firms are looking to external investment to counter growing concerns about the impact of alternative business structures, new research has found, even though they are recovering well from the effects of recession.
Irwin Mitchell makes personal injury move with MPH acquisition
Irwin Mitchell has made its first major move in the personal injury market since rival Slater & Gordon began its acquisition spree by taking over well-known Manchester firm MPH Solicitors, Legal Futures can reveal.
Ex-City lawyer outsourcers grow 400% and plot to double again in size
The legal outsourcing business that uses former City solicitors to provide temporary support services to law firms and in-house teams, has surpassed its original goal of having 500 lawyers on its books and grown 400% in the past year.
SRA tells LSB: no need for lay chair requirement
Legal Services Board should be focusing on the way the chairs of the frontline regulators are appointed, not on ensuring they are non-lawyers, the Solicitors Regulation Authority has said.
ABSs frustrated by acquisition targets that are either not ready or “financial basket cases”
Alternative business structures (ABSs) that are keen to grow by acquisition have failed to make the strides they expected because of the problems of dealing with traditional law firms, it has been claimed.
Falconer: demise of generalist high street firms “inevitable”
Changes in the legal market since the Legal Services Act will accelerate, with competition from new providers and cuts in legal aid leading to a “tragic but inevitable” end for non-specialist high street firms, according to the politician who shepherded the Act through Parliament.
Wiggin eyes transformation into media business after ABS licence award
An alternative business structure (ABS) licence is the next stage of the evolution of well-known media law firm Wiggin into a media business “of which law is a central cog but not the be all and end all”, its chief executive has explained.
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.
