Market monitor

Gateley is seeing the benefits of being the first UK-listed law firm, its chairman said today as it announced record turnover. Revenue increased 10.2% to £67.1m in the year to 30 April 2016, with profit before tax up 12.2% to £11m. As a result shareholders are to see a final dividend of 3.764p.

A family-run firm of funeral directors with 36 branches has become the first of its kind to set up an alternative business structure. Lodge Brothers Legal Services, launched last week, offers fixed-fee services for clients wanting wills, probate and powers of attorney.

More than 600 solicitors and barristers have signed up to the online marketplace for freelance lawyers set up by LOD that goes live today. Spoke.law allows law firms and in-house teams that need short-term extra resource to hire freelancers on a day rate via a website.

Redde plc – the AIM-listed accident management company that owns NewLaw Solicitors – has seen its share price bounce back following the post-referendum stock market falls, with the help of a positive trading statement.

The stock market falls on the back of the EU Referendum has hit an ABS-owning property company the most, as well AIM-listed legal businesses with a personal injury (PI) element, a Legal Futures analysis has shown. The PI hit looks surprising given that the current state of political uncertainty is likely to be good news for the claimant market.

Fee income at SME law firms is on the up, but profits are not matching the growth, with staff and premises costs among the causes, new research has found. There was a “dramatic growth in income” at London firms in particular, with “high-value project work… back on the desk” as corporate deals gathered pace.

Members of the Co-op are set to receive money back if they use the group’s legal services arm. As the Co-operative Group looks to recover from the reputational damage of recent times, it has unveiled its new logo – returning to the familiar design first used in the 1960s – and revised its membership offer.

Defendant personal injury firm BC Legal is launching an unusual “client knowledge hub” in the City next month, which will provide a range of free services but “very little fee-earning”. It said the hub would offer training, software demonstrations and free access to meeting rooms, a roof terrace, a gym and a hotel.

Fairpoint Group, the AIM-listed company that has become a predominantly legal business, unveiled its fourth acquisition in two years yesterday after snapping up south Manchester firm Abney Garsden, best known for acting for victims of child abuse.

Alternative business structure Metamorph Law has taken the first step in its plan to consolidate dozens of law firms by acquiring north-west firm Linder Myers in a pre-pack deal. Assure Law, the business consultancy that in 2014 saved Linder Myers from administration and installed its chief executive as the firm’s CEO, is also a minority shareholder in Metamorph.

Alternative business structures are three times more likely than regular firms to offer “novel online solutions for clients wishing to access their services”, according to the Council for Licensed Conveyancers as we round up ABS news from up and down the country.

A new unregulated law firm is using unregistered barristers to offer small businesses “unlimited legal advice” for as little as £49.50 per month. Philip Harmer, founder of LawPlan, said the business “set out to give value, which seems like an impossibility in the legal world”.

Corporate clients are bleeding law firms without them realising it, as work is funnelled away to cheaper providers by in-house counsel who wish to avoid confrontation over pricing, according to a report. The steady process of commoditisation was behind the shift, it said.

An pioneering commercial law firm is offering computer coding training for its lawyers and clients to teach the emerging technology behind ‘smart’ contracts. The firm has also reported a growth in the recruitment of computer-literate lawyers who also have a scientific or technical background

Lawyer-led alternative business structures are leaving their rivals behind, the head of North West firm Jackson Canter has said. Executive chairman Andrew Holroyd was speaking as the firm announced the acquisition of Lees Solicitors, doubling its size to over 280 staff.