Legal Services Act

There is in excess of £1bn of private equity money available for investment in the legal market, while at least one UK law firm will proceed to a public listing this year, one of the profession’s leading bankers, James Tsolakis of RBS, has predicted.

The Legal Services Consumer Panel has called upon the ongoing Legal Education and Training Review to propose a revalidation scheme for lawyers. At the same event, delegates were told that judicial evaluation in the Quality Assurance Scheme for Advocates is flawed.

Consumers of probate and estate administration services are significantly more satisfied when they receive their advice face to face, rather than by e-mail, post or telephone, major research has found, while those on fixed fees pay a third less than those charged by the hour.

Probate and estate administration services should become reserved legal activities, the Legal Services Consumer Panel has recommended. It follows the panel’s call last year for will-writing to be regulated as well, which sparked a formal LSB investigation into the issue.

The legal aid reforms will open up opportunities for law firms, with alternative business structures (ABSs) offering one way to exploit them, justice minister Jonathan Djanogly claimed last week. The significance of ABSs “cannot be overstated”, he said.

The Law Society has warned the Legal Services Board that it is overstepping its role as an oversight body by trying to become a market regulator. The society said the board plans for the future suggested an “inappropriately proactive approach for an oversight regulator”.

The Legal Services Board has given the clearest hint yet that it is supporting the position of solicitors in the row over the Quality Assurance Scheme for Advocates. Legal Futures also understands that the LSB is pushing the Bar Standards Board to accept a compromise.

Regulators should empower consumers to drive improvements in the quality of legal services, while professional indemnity insurers could hand over firm-specific claims data to help target poorly performing practices, the Legal Services Board has suggested.

Our latest round-up of news includes Fisher Meredith winning an appeal against a big wasted costs order, SRA figures on the number of firms and solicitors, the first law firm to ‘pin’ on growing social media service Pinterest, fee income up at the largest law firms, and more.

QualitySolicitors will this month launch the largest advertising campaign in the history of the legal profession ahead of a blitz that will see 8,000 adverts hit TV screens throughout May. The first of the new-look ads will be shown on Sunday 25 March, during the final of Dancing on Ice.