Finance


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.


Sole practitioners ‘more profitable than small firms’

14 May 2019

Sole practitioners have overtaken small firms with two to four partners in terms of profit per equity partner, a survey has found. Sole practitioners also led the way in fee income growth compared to larger firms.


Mid-sized law firms recording solid growth, major survey finds

12 April 2019

Last year saw solid real-terms growth for mid-sized law firms, with median growth of 4.2% the result of increased fee income rather than simply more fee-earners, new figures have shown.


Law firm insolvencies hit new high amid ‘loan stacking’ warning

10 April 2019

The number of insolvencies among solicitors’ firms reached a new high last year, Insolvency Service figures have shown, and a funder has warned that ‘loan stacking’ will only make things worse.

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Blog


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If 2020 taught us anything, it is that lawyers will not disappear any time soon. Still, paper will gradually disappear in favour of digital tools, investment in technology and better ways of working.


Bridging the cultural gap

Over the Christmas break while relaxing, I decided it would be a perfect time to catch up on a few stories from the legal sector to see how the profession was coping.


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