Finance


Ban for law firm revenue controller who diverted payments to own bank account

16 June 2021

A law firm revenue controller given a suspended jail sentence after diverting £32,000 in payments meant for suppliers to his own bank account has been banned from working in the profession.


Top firms “need to get clients paying faster” to prepare for next crisis

14 June 2021

The top 50 law firms had nearly £6bn of unpaid client invoices on their balance sheets last year and would be better prepared for another crisis like Covid if they reduced this, an analysis has argued.


Tribunal: Law firm’s part-time FD was worker, not self-employed

29 March 2021

An accountant who acted as a law firm’s part-time finance director through a company was a worker and not self-employed, even though he had another client, an employment tribunal has ruled.


Prepare now for negative interest rates, law firms told

2 November 2020

Law firms have been urged to change their retainers now so they can charge clients for holding their money, given the “possibility, if not likelihood” of negative interest rates.


Law firms were paid out of frozen bank account

26 May 2020

A property investor breached the terms of a freezing order by using company funds to pay outstanding fees to two London law firms, which repaid the money when they found out.


Big firms “burning through” the little cash they have

5 May 2020

Many of the country’s largest law firms are unprepared for the rate at which they are burning through cash during the Covid-19 pandemic, a review of their accounts has revealed.


Law firm defeats broker’s claim for £100k introducer fee

14 April 2020

A Liverpool law firm has defeated the claim of a finance broker who sought a £100,000 fee for introducing it to a new loan provider, even though it eventually secured £2m in funding.


Most firms increasing bank borrowing, survey finds

5 March 2020

There is a “real profitability divide” between larger and smaller law firms although income is generally increasing across the board, new research has found.


Big law firms “under-pricing” work

7 February 2020

Large law firms are damaging their profitability by poor scoping of work and under-pricing it, and are also set to penalise lawyers who offer clients overly large discounts, a survey has found.


Trade union firm faces trade union-organised strike

9 October 2019

Leading trade union law firm Thompsons is facing a strike over pay – and pickets lines at its offices across the country – organised by a trade union. It blames the squeeze in PI for not meeting the demands.

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Reports


Report Cover
When talking about legal aid and access to justice, it is hard to look beyond funding. Even the Ministry of Justice has acknowledged the problem, to judge by its agreement to pump an extra £135m into the criminal legal aid… Read More

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