Market monitor

The impact of non-lawyer investment into law firms came to the fore today as Liverpool personal injury practice Silverbeck Rymer announced plans to create 300 jobs over the next year and so more than double in size.

Three of the best-known innovative players in legal services have revealed ambitious plans for the future, building on strategies that have seen them develop rapidly in a fast-changing market. They were speaking at this week’s Legal Futures conference.

Fewer than half of the current number of residential conveyancing specialist firms will be in business within three years and probably just one in ten, according to the entrepreneur who founded the UK’s most successful property website.

Law Society chief executive Des Hudson has responded to calls for all advocates – including solicitors – to be regulated by the Bar Standards Board by saying: “Are they having a laugh?” And SAHCA chief says QASA and ABSs give solicitor-advocates a “golden opportunity” to compete with barristers.

Simplify the Law – a law firm franchise concept which launched last year – has reinvented itself as an online legal service that aims to help commercial lawyers repel new competition in the market, Legal Futures can report.

Two south-east conveyancing businesses owned by estate agents have become the newest alternative business structure (ABS), meaning that more than 50 licences have now been issued by the two ABS regulators.

The company that says it was the first in the UK to provide free online legal advice for both businesses and consumers is to launch its first law firm panel for referrals – although it will not charge for them.

A West Midlands corporate transactions law firm that has advised on deals worth more than £20bn has become an alternative business structure, as has a practice working within a leading Bristol property services group.

Leading defendant law firm Keoghs has secured “significant investment” from mid-market private equity investor LDC, which is part of Lloyds Banking Group. It is taking a 22.5% minority stake.

A business offering corporate and commercial legal services has entered into regulation by becoming the newest alternative business structure (ABS) licensed by the Solicitors Regulation Authority.

One of the country’s largest consumer law firms has become the latest alternative business structure (ABS) as it targets working with “well-known brands” to offer a range of legal services.

Insurers will be forced to consider alternative business structures (ABSs) if the government is not sufficiently “bold” in reducing the level of legal fees for RTA portal cases, a leading defendant lawyer has warned.

Nearly 60% of top 100 law firms view mergers and acquisitions as a leading growth opportunity in a challenging legal services market – with the prospect of alternative business structures starting to snap at their heels, according to a prestigious benchmarking survey.

An attempt to ‘crowd fund’ £1.5m for the launch of what is claimed to be the world’s first live online pay-as-you-go legal advice service will begin this week. Quegal will charge users 60p a minute to receive advice from junior solicitors and paralegals.

A volume conveyancing business owned by Britain’s fourth largest building society is targeting a move into other areas of legal services after receiving its alternative business structure (ABS) licence.