Practice Management

The Council for Licensed Conveyancers has issued its first approval for a law firm to use a third-party managed account for its client funds.

The growing number of consolidators in the legal market does not mean there will be a bidding war for attractive law firm targets, the newest player in the field has said.

Just 19% of barristers’ chambers currently meet the Bar Council and Law Society’s joint recommendation to achieve Cyber Essentials certification, new research has found.

The private equity house that acquired Midlands firm Higgs last week is to adopt a different approach to its competitors in pursuing a ‘buy and build’ strategy.

Black Country-based Higgs has become the latest law firm to take private equity funding after striking a deal with August Equity – which first expressed an interest in the legal market 13 years ago.

The income of equity partners at law firms increased by 42% in the five tax years to 2022/23, more than twice as fast as barristers and that of the rest of the UK workforce.

Listed law firm Knights has undertaken yet another acquisition to mark its first entry into Wales, as well as announcing the recruitment of four partners for the Cardiff office.

It is a “uniquely arrogant and complacent facet” of law firms that partners think some key business functions are “dispensible” support staff rather than core elements.

Merger talks announced earlier this year between Ward Hadaway and The Endeavour Partnership have proven successful as we round up recent market developments.

Cross-selling is the biggest missed opportunity to boost law firm profits, according to research that says lawyers fear looking too pushy.