Legal Services Act
The future of PI: external investment, few CMCs and five or six major claimant firms
“Numerous” external investors will appear alongside consolidation and new structures once the “floodgates of change” hit the personal injury market next year – with just five or six claimant firms likely to dominate – an authoritative new report has predicted.
Oh yes – Direct Line set for ABS as it reveals £110m solicitor referral fee income since 2009
Insurance company Direct Line will shortly make an application to become an alternative business structure, with the referral fee ban set to choke off a source of income that has raised £110m over the past three and a half years, it has emerged.
LSB: current financial protection regime risks giving clients "false confidence"
Compensation arrangements for consumers involved in legal transactions that go wrong are outdated and need to be improved, the Legal Services Board has said in calling on its consumer panel to undertake research and provide advice on the issue.
Exclusive: small business adviser eyes law firm acquisitions as part of push into legal services
A company that currently provides small businesses with accountancy and HR advice is set to move into legal services, with an alternative business structure application and the acquisition of law firms likely, Legal Futures can reveal.
Law firm joins forces with seven other businesses to launch collision-to-settlement ABS
A new business that brings together a law firm with seven other service providers needed to manage a motor accident from collision to settlement has applied for alternative business structure status, Legal Futures can report.
Non-lawyer staff causing law firms problems, says leading regulator
US law firms are increasingly running into trouble when they allow non-lawyers to take an active part in front-of-house relationships with clients, a top California legal regulator has revealed.
Here come the brands: AA applies for ABS licence…
The AA has applied for an alternative business structure licence, Legal Futures can reveal. It follows the success of the motoring giant’s online legal document service, which was launched two years ago.
… as Saga expands into fixed-fee private client services and bids for ABS status too
Over-50s specialist Saga has today launched a new range of legal services which it claims aims to make the market “more straightforward in terms of charges, language and accessibility” – and has also applied for an alternative business structure licence.
Susskind: firms starting to embrace new ways of working as ‘legal factories’ loom
Pressure from in-house lawyers has encouraged some law firms to come out of denial and realise that they need to find new ways to handle and price work, legal IT guru Professor Richard Susskind has claimed. However, there was still considerable resistance to alternative fee arrangements.
SRA independence still a concern as LSB keeps Law Society on report but eases demands
The Legal Services Board yesterday expressed continuing concerns about the independence of the Solicitors Regulation Authority from the Law Society. This has led the LSB to issue a new statutory notice requiring the society to provide it with information.
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.
