Legal Services Act

The Bar Standards Board has promised to provide “lighter weight and less costly” regulation than its rivals as it applied to become a regulator of alternative business structures last week. “Many potential entities” wanted to “exploit the greater flexibility” that operating as an ABS could provide.

Fast-growing HCB Solicitors and Chartered Accountants has announced the purchase of three more law firms this week as it closes in on its ambition to have national coverage. They take its national tally of offices to 26 and staff to around 350.

Leading marketing collective First4Lawyers – which has hitherto focused exclusively on personal injury and clinical negligence cases – has expanded into six other areas of consumer law in a major new push supported by more than 2,000 television advertisements a month.

The British Medical Association (BMA) has launched a ground-breaking alternative business structure to service the legal needs of its 154,000 members, Legal Futures can reveal.

The owners of NewLaw Solicitors have received an issue of shares worth £5.16m as final consideration for its acquisition by Redde plc. Law firm-owning Fairpoint Group and Slater & Gordon have also issued stock market announcments.

A successor to the Legal Services Act 2007 is urgently required to build on the Act’s successes and to iron out the problems that have emerged since, according to a leading market commentator.

A firm set up by Mark Johnson, a solicitor and former partner at Geldards, is among the first dozen entities to be named today as regulated by the Bar Standards Board. He did it because of access to Bar Mutual indemnity insurance and the Bar’s “simpler and more transparent” rules.

Sir Michael Snyder, senior partner of top 20 accountants Kingston Smith, has welcomed a change of approach to multi-disciplinary practices at the Solicitors Regulation Authority after describing the “sheer hell” of the firm’s first attempt to become an alternative business structure.

The trend towards fewer, bigger law firms and fewer partners is continuing, despite increasing numbers of practicing solicitors, the annual Law Society statistical report has confirmed.

Slater & Gordon has hit its target of raising £456m from a share issue to fund its acquisition of Quindell plc’s professional services division. Around 70% of the £637m initial purchase price is being funded through new shares, with the rest through bank debt.

A groundbreaking alternative business structure that last year embraced employee ownership has seen the valuation of its shares rise 15% over the past 12 months. Staff at Triton Global each received a free initial tranche of shares and nearly two-thirds have since invested further to the collective tune of £58,000.

The young entrepreneur behind RateMyBarrister.com has expanded the site to include solicitors. William Rees, a barrister based in Cardiff, accepted that this would mean finding a new domain name.

A lawyer comparison website aimed at SMEs is poised to begin an “aggressive growth” campaign to win market share, after securing substantial investment 18 months after it launched.

The battle for criminal legal aid contracts is underway, with Duncan Lewis – which describes itself as the country’s largest legal aid provider – unveiling a consortium that will bid for duty provider contracts nationwide.

The Institute of Chartered Accountants in England and Wales (ICAEW) has licensed 48 alternative business structures to carry out probate work in its first six months as regulator, it has emerged.