News
Law Society and SRA unveil deal to resolve longstanding governance wrangling
The Law Society and Solicitors Regulation Authority have hammered out “a permanent resolution” of their long-running internal governance issues, the pair announced yesterday, ensuring regulation is independent from representation at Chancery Lane.
New business with cash to spend enters litigation funding market as Allianz pulls out
A new third-party litigation funder has entered the market with “deep pockets” as one of the early players bows out, Legal Futures can report. Managed Legal Solutions has £20m of funding and will even back ancillary relief cases.
SRA: BME solicitors face increasingly disproportionate number of conduct complaints
The proportion of black and minority ethnic solicitors (BME) named in complaints about conduct to the Solicitors Regulation Authority surged last year, the third year in which the figure has risen. BME solicitors comprised 27% of all conduct complaints.
The big partnership debate: leave it in the past or embrace it for the future?
Is partnership an “inefficient and unattractive” structure that should be ditched to survive in the new legal marketplace, or is it a viable current model with much to offer lawyers wanting flexible governance and discretion? Both sides were put at a conference this week.
In-Deed: we will invest in law firms to build consumer legal brand
AIM-listed In-Deed has today become the first business to announce its explicit intention to invest in law firms. The company is looking for approaches from “successful and profitable provincial legal practices” to help make In-Deed a leading consumer legal brand.
Solicitors paid record-equalling £256m for indemnity insurance this year
Solicitors paid £256m for the compulsory layer of professional indemnity insurance – the highest amount since the first year of buying insurance on the open market – Solicitors Regulation Authority figures have shown.
Performance in the spotlight as big firm partners get more pay or de-equitised
Large law firms are focusing more on partner performance, new research has found, with a greater share of profits for those who perform well in the current financial year, but demotion for those who do not.
Clarke accuses lawyers of lobbying over legal aid and Jackson to protect profits
The justice secretary yesterday accused lawyers of lobbying for their own financial interests as MPs rejected amendments to the Jackson and legal aid reforms going through Parliament. A bid to halve the RTA portal fee was rejected but action on the issue promised.
Law firm that sent intimidating letters to alleged file-sharers accepts SRA reprimand
A law firm has escaped with a reprimand after being found by the Solicitors Regulation Authority to have breached professional practice rules in connection with intimidating letters sent to alleged Internet file sharers. It is the third firm to face SRA action over this.
Co-op to move into family law after hiring high-profile solicitors
Co-operative Legal Services has issued a major signal of intent by recruiting two leading solicitors to launch a family law service next year: Jenny Beck and Christina Blacklaws of TV Edwards, who both hold significant roles in the profession.
Blog
Change in regulator shouldn’t make AML less of a priority
While SRA fines for AML have been climbing, many in the profession aren’t confident they will get any relief from the FCA, a body used to dealing with a highly regulated industry.
There are 17 million wills waiting to be written
The main reason cited by people who do not have a will was a lack of awareness as to how to arrange one. As a professional community, we seem to be failing to get our message across.
The case for a single legal services regulator: why the current system is failing
From catastrophic firm collapses to endemic compliance failures, the evidence is mounting that the current multi-regulator model is fundamentally broken.
