Market monitor

The rate of new lawyer comparison websites is speeding up, with at least four ramping up in the past month. Arguably the most significant has been the launch of a UK version of FindLaw, the leading free legal information website in the US.

High street law firms need to do more to build their local profile to capture the 70% of people who say they do not have a local lawyer they could call on if needed, a new report has concluded. The research also found pessimism among sole practitioners, with 87% fearing for the future of their practices.

The government is to consult on Lord Justice Jackson’s blueprint for reform of conditional fee agreements (CFAs), as well as introducing contingency fees, “as a matter of priority”, justice minister Jonathan Djanogly announced today.

The future of referral fees could become clearer next week after Legal Futures learned that the Coalition government is to issue a statement on Monday outlining what it intends to do with the Jackson report.

Private equity investors are interested in either the top City firms or niche practices, according to the solicitor who this week set up a law firm with private equity loans which could be turned into equity stakes when allowed.

More than a third of barristers are likely to join a new business structure in the next five years, research has shown, and this number is likely to increase as understanding of the opportunities under the Legal Services Act improves.

Many lawyers entered the law to make a difference. Now is their chance, especially at this unique time in the profession’s history, with the Salvation Army set to launch a commercial law firm in Australia, says Scottish solicitor Raymond McLennan. Compulsory pro bono could be the answer.

There has been a slow move to make up barristers as partners in legal disciplinary practices, Legal Futures can reveal. Figures from the Solicitors Regulation Authority indicate that just nine barristers have so far become partners.

Consumers do not realise that many of the problems they face are ‘legal’ and so do not consider approaching a lawyer for help, new research has revealed.

The criminal bar needs to transform itself into “fully functioning litigation units” within the next 12 to 24 months if it wants to survive, the chairman of the Bar Council has warned in a paper that sets out his vision for how the bar needs to change to meet the challenges of the Legal Services Act.

Nearly half of large law firms are planning to become alternative business structures (ABSs), Investec Specialist Private Bank has reported. A poll of 30 managing partners at an Investec event held last month revealed that 45% are considering establishing an ABS, and 36% are contemplating becoming a multi-disciplinary practice.

Consumers of legal services are not tempted by the prospect of household name brands moving into legal services, research has found. It also revealed that ‘expense’ or ‘expensive’ was the word most commonly associated with the word ‘solicitor’, while almost half of those interviewed felt the experience represented poor value for money.

The Institute of Professional Willwriters today became only the tenth trade body to receive Office of Fair Trading (OFT) approval for its code of practice. This means that the OFT is satisfied that the code provides consumers with protection and offers a higher level of customer service.

Chris Marston, Head of Professional Practices at Lloyds TSB Commercial, assesses solicitors’ prospects in a year of change and transition on the regulatory, competition, economic and political fronts

The first effort to build a nationwide network of branded high street solicitors begins today with the opening of 15 branches under the QualitySolicitors name. Firms in the QualitySolicitors’s existing 200-strong network – such as Burroughs Day in Bristol and Howlett Clarke in Brighton – will launch their new branding over the next week with the help of various celebrities