Finance

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

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.

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.

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 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.

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.

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.

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, 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.

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.