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.
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.
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.
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.
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.
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.
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.
A “disastrous IT failure” suffered by a law firm’s biggest client tipped it over the edge into administration and a pre-pack sale to fast-growing national firm Taylor Rose TTKW.
A former partner of a London firm that went into liquidation has lost his bid to strike out Barclays Bank’s claim to enforce a guarantee he provided to cover a loan and overdraft.
Knights Group – the Staffordshire-based law firm that listed in June – has secured bank funding to support its strategy to complete at least three acquisitions by April 2020.
Evidence shows that the majority of law firms got through the pandemic relatively unscathed, with many thriving during Covid. But looking ahead, storm clouds are gathering.
What does a slowing economy mean for various practice areas – from conveyancing and immigration to crime and family – and firms’ professional indemnity insurance prospects?
For those who haven’t yet read Oliver Burkeman’s Four Thousand Weeks, you need to know this: it’s a time-management book like no other, already a classic.
House prices stall after record breaking period of growth as we enter a new era of economic uncertainty
The creation of a legal sector that is more diverse, inclusive, healthy and successful – it’s time to have your say