Legal Services Act
SRA grants waivers to three ABSs and warns applicants over timetable for approval
Three of the seven ABSs so far approved by the Solicitors Regulation Authority have been granted waivers as part of their applications, it has emerged. It also warned applicants who may have tight timescales for approval that it will not guarantee to meet them.
Law Society to be spared annual internal governance check – because it is bound to fail
The Law Society will not be required to certify its compliance with the rules on internal governance because it is bound to fail the test, the Legal Services Board has decided. The board said the new governance arrangements are “somewhat fragile”.
“More for less”, liberalisation and technology: Susskind lays out vision of the future
The Legal Services Act will play a role in transforming the legal market around the world, with English lawyers well placed to take advantage as a result, Professor Richard Susskind predicted last week. He also gave a preview of his new book – Tomorrow’s lawyers: An introduction to your future.
Freeserve founder says it will take non-lawyers to bring innovation to “hated” legal market
Lawyers are “in denial about what customers hate about law firms” and it will take entrepreneurs from outside the profession to deliver the wholesale change to the business model that is required, the founder of Freeserve claimed last week.
BSB wins argument over case for entity regulation
The Bar Standards Board narrowly defeated a motion proposed by a former Bar chairman that its plans for entity regulation are unhelpful to the justice system, in a debate held in London last week.
Here come the accountants – ICAEW launches ABS regulator bid
Around 100 firms of accountants are expected to become alternative business structures, the Institute of Chartered Accountants in England and Wales said today as it unveiled its draft application to become a regulator of legal work.
‘New generation’ comparison website receives investment backing for full launch
CompareLegalCosts.com, the ‘new generation’ comparison website that requires participating law firms and barristers to offer fixed fees, has announced a £500,000 investment in the full launch of the service next month.
County court advocacy specialists become latest ABS
A law firm that specialises in providing advocacy services in every county court across the country yesterday became the Solicitors Regulation Authority’s eighth alternative business structure.
Quindell confirms binding agreement to buy Liverpool law firm
AIM-listed Quindell Portfolio has now signed a binding agreement to buy Liverpool law firm Silverbeck Rymer, subject to receiving its alternative business structure licence and Financial Services Authority approval, it announced today.
Growing interest in outside capital among smaller firms but their planning is lacking, survey warns
A growing number of small and mid-sized law firms are looking at raising external capital, but many need to address failings in basic business planning first, new research has found. It also identified £20m as the turnover point when a law firm turns into a real business.
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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.
