Legal Services Act
“Panic or paranoia” driving some firms to ABS
Some law firms are considering conversion to an alternative business structure (ABS) out of “panic or paranoia” without first getting their own houses in order, experts warned yesterday. Lawyers need first to build sustainable businesses, they said.
Survey: commercial firms eyeing up ABS opportunities, including MDPs and external cash
Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.
LeO “going too far” with bid to allow prospective clients and third parties to complain
The Legal Ombudsman is going too far in proposing to allow prospective clients and third parties to complain about lawyers, the Law Society has claimed. Chancery Lane found support from the Council for Licensed Conveyancers.
ABSs and stagnant economy pushing big firms towards merger, Deloitte predicts
Merger activity among the country’s top firms is likely to increase as they grapple with both the Legal Services Act and a stagnant economy, leading accountancy firm Deloitte has predicted.
SRA: 30 ABS applicants in formal decision phase; further 130 working through plans
Around 25-30 would-be alternative business structures have formally completed their applications and are now being considered for licences – with decisions on a few “quite imminent” – the Solicitors Regulation Authority has revealed.
Version 4 of Handbook goes live as SRA promises no further COLP/COFA delay
The fourth edition of the SRA Handbook in less than 10 months was published yesterday. It includes the delay in the introduction of the compliance officer regime, and the SRA has guaranteed that there will be no further hold-ups.
Everything you wanted to know about ABS applications but were literally afraid to ask
Seven alternative business structures in more than five months does not seem to be a great achievement on the part of the Solicitors Regulation Authority, and increasingly Legal Futures has been hearing complaints about delay and a lack of transparency in the process.
Edmonds: LSB is interventionist and proud of it
The role of the Legal Services Board is to get involved and intervene – not to sit, watch and react – its chairman said yesterday, hitting back at critics of its activism. David Edmonds said the phrase “oversight regulator” does not appear in the Legal Services Act.
LSB calls on profession to engage with comparison websites and “will consider” accrediting them
The Legal Services Board has urged regulators and professional bodies to engage with comparison websites for the benefit of consumers, including providing access to their registers, Legal Futures can reveal.
Co-op accuses solicitors of hiding conveyancing charges in small print
Co-operative Legal Services has accused some solicitors of hiding extra charges in the small print of their quotes. The warning to consumers is the first sign of an aggressive push now it has its ABS licence.
Blog
The SRA needs to admit it got it wrong about SLAPPs
The High Court judgment in Ashley Hurst v SRA in January raises serious questions about the regulator’s approach to allegations of SLAPP-like behaviour.
Why menopause support belongs on every law firm’s agenda
Progression in the law slows significantly as women approach senior leadership. Most will be at the height of their careers around the average age menopause symptoms begin.
Law firms need to go beyond document checks
At the root of every failed compliance review is a familiar phrase: a calm assertion of “but we did a document check”.
