Finance
Law firms were paid out of frozen bank account
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
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
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
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
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
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’
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
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
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.
VAT risk for law firms handling insurers’ claims work
New guidance on delegated authority claims handling by lawyers may create additional VAT costs for law firms and lead to disputes with their insurance clients, accountants have warned.
Blog
Poor marketing returns? Here’s where you’re going wrong
During uncertain times law firms must be sure that every single marketing activity is driving lead generation, supporting client engagement and protecting brand reputation.
The SQE and ethics: STAR lite?
How much will graduates of the SQE be able to use and apply the Standards & Regulations, not in a classroom, or in a hypothetical situation, but on a rainy Tuesday with a client or their boss shouting at them?
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