Legal Services Act

Giving staff equity participation is proving a better way to run a law firm than doling out standard bonuses, listed practice Rosenblatt said today as it announced its first results since going public.

The Treasury expects insurance companies will be already be monitoring savings from the personal injury reforms set out in the Civil Liability Act and the new regime for calculating the discount rate.

A specialist litigation law firm with support from an external backer that means it can fund cases itself goes live today as an alternative business structure, Legal Futures can report.

A pioneering shared legal service providing advice to seven councils in the East Midlands is set to create the latest local authority alternative business structure.

The chair of the Legal Services Consumer Panel has strongly attacked the Solicitors Regulation Authority for changing its insurance requirements for freelance solicitors without giving a reason.

The recent cash injection into Plexus Law is “an entirely different deal in entirely different circumstances” from its failed first foray into private equity backing, its chief executive has said.

The UK has been “dependent on the EU” for the liberalisation of legal services around the world and will struggle to match this post-Brexit, MPs have been warned.

The legal sector is “riddled with poverty pay and huge wage inequality and junior workers are bearing the brunt”, a trade union has claimed as it bids to attract members from across the legal sector

Last year saw solid real-terms growth for mid-sized law firms, with median growth of 4.2% the result of increased fee income rather than simply more fee-earners, new figures have shown.

The number of insolvencies among solicitors’ firms reached a new high last year, Insolvency Service figures have shown, and a funder has warned that ‘loan stacking’ will only make things worse.

Anexo Group, the AIM-listed credit hire and legal services business, announced annual results yesterday ahead of market expectations and declared its intention to keep growing the law firm it owns.

The Co-operative – now the UK’s largest provider of probate – recorded a 37% rise in turnover from legal services in 2018, and a 53% jump in profit. Meanwhile, Ince Gordon Dadds has bought another firm.

New-breed firm Carbon Law Partners has introduced a structure to help senior lawyers realise the economic value of their client base so they can retire, in a way that is not possible in traditional firms.

Gordon Dadds saw its share price rebound for its lowest ever point after announcing an agreement to work with five of the law firms that used to be part of the Ince & Co international network.

Big 4 firm EY has thrust another huge stake into the legal profession’s ground by acquiring Thomson Reuters’ Pangea3 Legal Managed Services business, eight months on from buying Riverview Law.