Legal Services Act
SRA in “serious discussions” with 15 would-be ABSs
The Solicitors Regulation Authority (SRA) is in “serious discussions” with just 15 potential alternative business structures (ABSs), it has emerged. According to the SRA, six different types of organisation have so far shown official interest in becoming ABSs.
Top general counsel attacks external investment and lawyers “putting money first”
Investors can be good for many businesses but not when that business is a law firm, a leading in-house lawyer has warned, expressing particular concern that clients’ interests “may take a backseat to the lawyers’ search for additional capital”.
Mayson: clients may not be as keen on using local law firms as they make out
Solicitors should not rely on clients who express a desire for local, personal services, Professor Stephen Mayson has warned. He also said the “insulting” distinction in law firms between fee-earners and support staff is holding them back.
Rocket Lawyer: we want lawyers to join but you will have to give free advice
Lawyers who sign up as suppliers to US online legal documents business Rocket Lawyer – which is coming to the UK next year – will be expected to do a significant amount of work for nothing, founder Charley Moore has revealed.
Innovation and teamwork are “key to ABS survival”
Creativity and collaboration should be the priority for law firms looking to fend off the threats from a liberated legal market, with joint ventures, referral networks and share offerings all possible solutions, last week’s Legal Futures conference was told.
News in brief: SRA renewals delay, referral fee “ignorance”, and much more
Our regular round-up of news you need to know includes the appeal court quashing an ILEX disciplinary ruling, delays for solicitors renewing practising certificates, a survey of young drivers on referral fees, a survey finding support for outsourcing and much more besides.
“Inexcusable” ABS delay could cost law firms dear, corporate finance expert warns
The “inexcusable delay” in enabling the Solicitors Regulatory Authority to start licensing alternative business structures could make private investors think twice about entering the legal sector, the Legal Futures conference heard this week.
QualitySolicitors hits the big time as PE investor buys majority stake
QualitySolicitors has received a major cash injection that will accelerate the nationwide expansion of its brand, after private equity house Palamon Capital Partners took a majority stake. The plan is to have over 1,000 branches by the end of next year.
Government rejects profession’s call for convictions check on all ABS partners
The government has rejected a call from the legal profession that partners in alternative business structures should have to disclose all convictions and cautions, even if spent. But the SRA is still on track to start licensing ABSs in early 2012.
RJW unveils plan to extend Claims Direct brand beyond personal injury
National law firm Russell Jones & Walker is planning to extend its personal injury brand Claims Direct into other areas of law, the firm has revealed. It is looking at areas such as employment and family law, wills and possibly conveyancing.
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”.
