Legal Services Act
First private equity backed ABS receives licence
Duke Street today became the first private equity firm to own part of a law firm after the Parabis Group received its alternative business structure licence, the twentieth so far issued by the Solicitors Regulation Authority.
Powers for Legal Services Board to raid regulators and seize documents under fire
Government plans to give the Legal Services Board powers to raid the premises of frontline regulators and seize documents have been strongly criticised for their lack of safeguards and inadequate protection of legal professional privilege.
Sub-standard legal advice and comparison websites in spotlight after Davies reappointment
Elisabeth Davies was yesterday reappointed as chair of the Legal Services Consumer Panel. The decision to keep Ms Davies in the role will keep the panel’s wide-ranging workplan on track.
Legal executives’ regulator sets sights on new practice rights and ABS licensing
The process of enabling chartered legal executives to set up their own practices has begun with their regulator looking for the power to award them rights to conduct litigation, conveyancing and probate without needing the supervision of a solicitor.
Irwin Mitchell set for external capital after receiving ABS licence
Irwin Mitchell has today become the largest law firm to become an alternative business structure and also received the first ‘multiple’ licences. In April 2011 the firm became the first to state its intention to seek external capital.
Ombudsman: complaints publication will be “imperfect” but it is not naming and shaming
The publication of complaints data will be “imperfect”, the Chief Legal Ombudsman has admitted, but it is better than publishing nothing at all and is emphatically not about naming and shaming lawyers.
Northampton law firm becomes latest ABS
A 12-partner law firm with offices in Northampton and Milton Keynes has become the latest alternative business structure. Franklins Solicitors, which has 80 staff in all, provides a range of private client and commercial law services.
Companies facing referral fee ban “embracing opportunities” offered by ABSs
Alternative business structures are not a simple solution to circumvent the impending ban on referral fees, but referrers are starting to see real opportunities to enter the legal market themselves, a leading adviser has said.
ABS-in-waiting completes claims management acquisition
Quindell Portfolio, the AIM-listed business awaiting approval for its takeover of Liverpool law firm Silverbeck Rymer, has completed yet another acquisition by buying a leading claims management company network.
Property management company becomes first multi-disciplinary ABS
A London property management company has become the first multi-disciplinary alternative business structure. Crabtree Property Management is also the first company to use the ABS structure to enter the legal services market.
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.
