Legal Services Act
ABSs stimulating a surge in the Anglo-Scottish urge to merge, say experts
The recent spate of Anglo-Scottish mergers will not be the last as Scotland gears up for its own alternative business structure regime going live, it has been predicted. There has been a “surge in M&A activity in the Scottish legal market”.
News in brief: Quindell targets CMC aggregation, “charitable referral fees”, solicitor ad wins TV award
Our regular round-up of news snippets features another acquisition by ABS-in-waiting Quindell Portfolio, a solicitor’s TV ad winning a Royal Television Society award, a firm donating referral fees to charity, and ABS compensation fund arrangements.
Exclusive: mid-market private equity house targets law firm investment
Mid-market private equity business August Equity has become the latest to outline its intention to invest in the legal market, Legal Futures can reveal. It typically invests between £10m and £30m in equity.
Consumer panel calls for five-fold increase in LeO’s compensation limit to £150,000
The current limit of compensation that the Legal Ombudsman can award complainants should increase five-fold to £150,000, the Legal Services Consumer Panel has recommended. It also called for abolition of the two ‘free’ complaints every firm/lawyer is allowed each year without incurring a case fee.
SRA: referral fee ban could drive many firms out of business – and may not even stop dodgy claims
The impending ban on referral fees in personal injury could result in a “steep increase” in the number of financial failures amongst small law firms – but may not actually discourage spurious claims – the Solicitors Regulation Authority has warned.
Law firm enters the Dragon’s den with Caan investment
Staffordshire law firm Knights has struck a deal to accept investment from the private equity company owned by former Dragon’s Den star James Caan in a bid to attract work away from the City.
SRA warned over ABS risk if it changes rules on referring clients to financial advisers
Insurance companies could buy law firms and use them as conduits to sell their products to consumers if the Solicitors Regulation Authority changes the rules on referring clients to financial advisers, it has been warned.
LSB urges SRA to speed up review of “unsustainable” in-house lawyer rules
The Legal Services Board has told the Solicitors Regulation Authority that it needs to complete its review of in-house practice as soon as possible because the current regulatory arrangements are not sustainable.
Internet revolution “yet to reach legal services” as consumers cry out for better online help
The Internet revolution has “yet to reach legal services”, new Legal Services Board research has found, meaning consumers jump at the idea of an ‘official’ online resource to help them resolve their legal issues.
SRA defends bid to increase power to fine law firms from £2,000 to £250m
The Solicitors Regulation Authority has rejected calls for it to have greater powers to fine ABSs than traditional law firms. It has also dismissed suggestions by the Law Society that it should not have substantial fining powers at all.
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”.
