Legal Services Act

A defendant insurance law firm is to join forces with commercial claims handlers and loss adjusters within an alternative business structure to provide an outsourced service to insurance companies for professional indemnity claims.

Riverview Law, the fixed-priced commercial law business, has signed a strategic alliance with south-east firm DMH Stallard that will see the pair pitch jointly for new business. Riverview is also applying for an alternative business structure (ABS) licence.

Alternative business structure Quindell Portfolio has issued a “further clarification” over its financial position in a bid to stem a continuing slump in its share price. Quindell shares rallied this morning, having fallen by more than half last week.

Five legal price comparison websites have signed up to good practice standards issued by two regulators and the Legal Services Consumer Panel – although they are to remain voluntary, with no external validation.

A top north-west alternative business structure (ABS) has continued its expansion by moving into London. Fresh from its ABS licence approval in January, Stephensons is seizing on the “flexibility” of its new structure to muscle in on the London conveyancing market.

AIM-listed alternative business structure Quindell Portfolio has been forced to issue a statement that it knows of “no valid reason” for the sudden 45% fall in its share price. It was trading at 13.25p at the end of last week, but since issuing its 2012 results on Tuesday, the price had fallen to 7.34p.

National firm Shakespeares has become one of the largest law firms to date to become an alternative business structure. The ambitious firm, led by chief executive Paul Wilson, has been on the acquisition trail in the last five years, with six mergers.

The number of alternative business structures approved by the Council for Licensed Conveyancers has risen to 35 in recent weeks, but several of the new licensees have branded the process as “unnecessary” and delivering “no benefit” to their businesses.

North-west firm Antony Hodari has purchased litigation specialist Tandem Law in further evidence of personal injury practices diversifying in the wake of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 coming into force.

Slater & Gordon (S&G) is paying around £23m for its triple law firm acquisition, with more deals likely over the next 18 months, it has emerged. It said successful integration of the three will make a “significant contribution to the financial performance of S&G’s UK operations”.

Slater & Gordon has today made its move to become a dominant player in the consumer legal market – and particularly personal injury (PI) – by announcing deals to acquire national firm Simpson Millar, Liverpool-based Goodmans Law and the PI practice of Cambridge’s Taylor Vinters.

The massive acquisition programme of alternative business structure Quindell Portfolio plc – including three law firms – resulted in a 900% increase in turnover and profit in 2012, the company’s preliminary annual results have shown.

Alternative business structure MTA Solicitors is continuing its move to diversify and expand its business beyond personal injury after acquiring volume property practice Solex Legal Services, Legal Futures can reveal.

The influence of lawyers and professional bodies on their frontline regulators is the biggest risk to independent regulation in the law, the strategy director of the Legal Services Board has claimed. Crispin Passmore said a combination of factors led him to “worry how independent regulation actually is”.

There will be an “enormous amount” of external investment and merger activity in the legal market over the next 24 months, a leading investment banker has predicted. He said investment had only been held back by uncertainty in the volume market.