Practice Management
Eight out of 10 City law firms report fall in PEP
Profits per equity partner are tumbling at City law firms despite increases in revenue, new research has found. Eight in 10 City firms reported a decline in PEP this year.
New shelf facility for law firms “will speed up consolidation”
The pace of consolidation in the legal market could increase after the funder that owns Simpson Millar launched a facility for law firms that want to grow through acquisition.
Having children “makes lawyers less optimistic about careers”
Six in 10 lawyers feel “less optimistic” about their career prospects after having children, with the feeling much more common among female solicitors than men.
Legal staff win tokens in law firm’s blockchain incentive scheme
Solicitors, trainees and paralegals at City firm Taylor Wessing have started receiving crypto-tokens for efforts that “go beyond their day job” – partners can give tokens, but not receive them.
Law firms adopt diversity initiatives “because they are fashionable”
Law firms often adopt diversity initiatives “because they are fashionable, not because they work”, an academic and diversity specialist has argued.
Law firms “failing to respond” to consumer enquiries
Law firms are losing business by failing to get back to potential clients, with as many as one in five enquiries going unanswered, new research shows.
SRA: Firms must be held accountable for progress on diversity
Law firms need to be held accountable over efforts to improve the profession’s equality, diversity and inclusion, the chief executive of the SRA said yesterday.
Firms risk SDT as they fail to act on new workplace conduct rules
Law firms are struggling to understand the Solicitors Regulation Authority’s workplace environment rules introduced earlier this year, a leading regulatory solicitor has warned.
Surge in legal businesses embedding social purpose as B Corps
There has been a surge in legal businesses becoming B Corporations, the movement which aims to balance profit with purpose, with Obelisk Support and the London Law Collective the most recent.
Law firms positive about finances despite rising costs
Many SME law firms feel optimistic about their financial performance this year even though staffing costs are set to rise quicker than fee rates, according to new research.
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.
