Finance


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.


VAT risk for law firms handling insurers’ claims work

21 January 2019

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.


Tribunal issues tax warning after senior barrister’s late payment

21 December 2018

Barristers would be “well advised” to make proper provision for tax liabilities given the “episodic” nature of their income, a tribunal has cautioned after upholding a fine against a QC hit by legal aid cuts.


Divorce is not a “blank cheque” for litigation, judge warns

27 November 2018

Litigation is not a “blank cheque” and divorcing people cannot behave on the basis that they are bound to be reimbursed for their costs, a leading family law judge has warned.


High Court orders partner to sell his share of law firm

8 November 2018

The High Court has ruled that a partner in a law firm who paid himself £16,500 after he had left the firm and was “effectively competing with it” breached his director’s duties.

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Blog

3 April 2020

In challenging times, should you move to the cloud?

Having a cloud-based system can provide workers with incredible flexibility. However, there are many things that a firm should be aware of before making the transition to the cloud.

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