Finance
Legal Services Board approves relaxation of rules on accountants’ reports
The Solicitors Regulation Authority’s plans to relax the rules around accountants’ reports have been formally approved by the Legal Services Board, meaning that around 1,000 more law firms will not have to submit one in future
Small law firm partners charging only £50 per hour, survey finds
Some partners in small law firms are charging £50 per hour – only £10 more than the lowest paid fee-earners, a survey has found. In some firms equity partners took home less than non-partners.
Michael Jackson’s lawyer loses High Court battle over Dewey & LeBoeuf loan
An American celebrity attorney who acted for Michael Jackson has lost a High Court battle with Barclays Bank over a $540,000 loan relating to his time as partner in failed US firm Dewey & LeBoeuf.
HMRC gives solicitors a week to ‘pay up or else’
HM Revenue & Customs has given solicitors a week to pay the tax they owe on undeclared income or “face hefty penalties” of 100% on the unpaid tax and the risk of a criminal investigation.
Solicitors set for client account alternative this year
Solicitors will soon be able to ditch client accounts and instead use “third-party managed accounts”, their regulator has revealed. THe SRA said the use of such accounts may offer a lower-cost alternative that continues to provide appropriate protection.
SME law firms eye mergers as good times return
Smaller law firms continue to see merger, rather than external investment or bringing in non-lawyer owners, as the more likely path to growth, Law Society research has found. It also found that the majority of practices polled are now recording net profits ahead of where they were before the recession.
Legal advisory business run by struck-off solicitor forced into liquidation
A legal advice business run by a struck-off solicitor has been ordered into liquidation in the High Court on grounds of public interest following an investigation by the Insolvency Service.
SME law firms’ strong performance creates investment pressure
Small to medium-sized UK law firms are enjoying a sustained period of economic recovery, but face new challenges arising from renewed growth, according to a major study examining a wide range of performance indicators.
Express Solicitors poised for further acquisitions after £10m funding boost
Express Solicitors, the Manchester personal injury firm, is poised to make further acquisitions after securing £10m funding from the Royal Bank of Scotland. It said the money allowed a focus on growing the business “without having to compromise” on other areas.
Bar Council in deal with credit specialist to finance fees
The Bar Council has joined forces with a legal credit finance specialist to enable direct access barristers to offer payment plans to their clients. BARCO, the Bar’s escrow account, will hold the loans obtained for clients by Legal Cost Finance.
Blog
A two-point plan to halve the size of the SRA
I have joked for many years that you could halve the size (and therefore cost) of the Solicitors Regulation Authority overnight by banning both client account and sole practitioners.
Key cyber and data security questions to ask a legal IT provider
One of the growing priorities that law firms face when considering a legal technology provider is cyber and data security, such as their responsibilities and cyber incident management.
Navigating carer’s leave: A personal journey and call for change
The Carer’s Leave Act 2023, which came into force on 6 April 2024, was a pivotal moment for the UK. It allows workers to take up to five unpaid days off a year to carry out caring responsibilities.
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