Market monitor

The Ministry of Justice has introduced economic help for legal aid firms, making hardship payments easier to access and pausing debt repayments to the Legal Aid Agency.

More than half of barristers’ chambers will go out of business within six months if they do not receive financial support from the government during the coronavirus crisis, the Bar Council has warned.

The first week of the coronavirus lockdown saw new enquiries fall by up to 60% and firms start furloughing staff at once, research by a leading consultant has found. But they are “up for the fight”.

National Accident Helpline is giving up its authorisation as a claims management company and will in future be overseen by the Solicitors Regulation Authority, Legal Futures can reveal.

National law firm Simpson Millar has demonstrated its confidence in the post-coronavirus future by buying its second personal injury book of business in the past few months and targeting more.

Organisations representing conveyancers have joined forces to issue guidance on handling matters during the coronavirus pandemic, including how to vary completion dates.

National chambers Clerksroom is rallying barristers to volunteer for a new pro bono scheme to help keyworkers and struggling businesses affected by the coronavirus pandemic obtain legal advice.

DWF – the world’s largest listed law firm – is to seek more “headroom” from its lenders as a precaution to help deal with the impact of the coronavirus pandemic.

Conveyancers should continue to support the sales process “as far as possible” but look to change dates of completion during the lockdown, the government said yesterday.

National firm Knights is to cut the salaries of all staff earning over £30,000 and has started a redundancy exercise, while fellow listed law firm Ince has cancelled its dividend payout.

The government has urged home buyers and renters to delay moving to a new house if possible during the coronavirus lockdown and said there must be social distancing if they cannot.

Criminal defence solicitors have threatened to stop attending police stations and a protocol to protect pupil barristers was published among efforts to protect the profession during the pandemic.

Listed law firm Gateley yesterday cancelled a dividend payout to ensure its short-term liquidity in the face of the Covid-19 pandemic.

The Lord Chancellor Robert Buckland yesterday praised lawyers for their “heroic efforts” in trying to keep trials going, but said the government was being criticised too harshly.

The Competition and Markets Authority has called for alternative business structures to be allowed in Scotland, and for a shift to the independent regulation of lawyers.