Legal Services Act
Innovative corporate firm eyes external investment as it looks to offer non-legal services
An innovative Cardiff law firm has secured an alternative business structure (ABS) licence as it looks to private equity to expand what it offers the mergers and acquisitions market beyond legal services, with its corporate financier chairman also becoming a shareholder.
Groundbreaking conveyancing ABS strengthens grip on market with acquisition
The country’s biggest conveyancing business, My Home Move, has consolidated its position by acquiring Advantage Property Lawyers, the sixth biggest conveyancer and a significant player in the north-east of England in particular. My Home Move will soon be pass the 100,000 completions a year mark as a result.
ABS licence for FTSE-250 wealth manager highlights overlooked law firm acquisition
A second alternative business structure license handed to a FTSE-250 wealth management company has highlighted a law firm acquisition three years ago that went virtually unnoticed. It was given to Rathbone Trust Legal Services, part of Rathbone Brothers plc, a City institution with origins dating to 1742.
Five years on from its ABS licence, Co-operative Legal Services sees income and profits jump
Co-operative Legal Services recorded a 22% jump in turnover in 2016 and tripled its profit as it continues to recover from the difficulties it experienced in previous years. The legal services operation is also to be brought together with the Co-op’s funerals business to create a Life Planning division.
ABS pioneer sanctioned for multiple accounts rule breaches
The former boss of the first accident management company to buy a law firm and become an alternative business structure has been rebuked and fined £7,500 by the Solicitors Regulation Authority for 11 accounts rule breaches and two breaches of the SRA principles.
Bar Standards Board opens its doors as ABS regulator no.5
The Bar Standards Board has today begun licensing alternative business structures (ABSs), making it the fifth body granted the power. As with its regime for lawyer-only owned entities, it will specialise in ‘advocacy focused’ ABSs.
“The barrister edge” – PI firm claims to be largest BSB entity to date
A Bar Standards Board-regulated entity has acquired more than 800 clients in less than 18 months, which it claims makes it the largest in the country, by capitalising on barristers’ relatively new right to conduct litigation. It also said that having the involvement of barristers from the start of a case speeds them up.
Consumers still unsure about using insurers, banks and others for legal services
Consumers are gradually getting more comfortable with the idea of seeking legal advice from banks and insurance companies but enthusiasm remains muted, new research has found. YouGov also showed that two major law firms are succeeding in building a consumer brand.
Incoming complaints boss to sell stakes in leading ABSs
The incoming chair of the Office for Legal Complaints – the body that oversees the Legal Ombudsman – is to sell her investments in two leading alternative business structures, it has been confirmed. The fact Wanda Goldwag had them only came into the public domain last Friday.
Record number of investments in lawtech start-ups last year, as A&O launches incubator
A record number of start-ups targeting the legal market received funding around the world last year, new research has found. It comes as City giant Allen & Overy is to nurture legal tech start-ups with the creation of an incubator.
New York appeal court rejects bid to overturn ban on external investment in law firms
An American law firm that claims to have wealthy individuals and institutions lined up to inject money into its practice has lost its latest effort to challenge the ban on non-lawyer investment, this time in New York.
Pain before the gain – Fairpoint warns of lower legal services revenues before 2018 rebound
Fairpoint Group plc – the AIM-listed business that has bought four law firms – today told investors that they would not see the benefits of its restructuring until 2018 as it warned that performance this year will drop. Its revenue from legal services revenues jumped 32% to £41.8m in 2016, but are likely to dip 15% this year.
McKenzie Friend Marketplace to ban “active” students from giving legal advice in wake of criticism
The McKenzie Friend Marketplace, which hopes to help hundreds of law students find paid work offering legal services, has responded to criticism from practitioners by announcing that it will ban active students from providing legal advice – although they will be able to give clients other types of support.
Legal Services Board to dig deep into Law Society’s relationship with SRA in independence probe
The Legal Services Board is to review the conduct of the Law Society since autumn 2014 to determine whether Chancery Lane interfered with the Solicitors Regulation Authority’s independence, it has emerged. The wide scope of the investigation indicates that the board will dig deep into the society’s internal workings.
FOIL vice-president opts for Bar Standards Board to set up new business
A prominent solicitor-turned-barrister specialising in insurance litigation has set up a chambers under the oversight of the Bar Standards Board, which eventually will offer litigation in addition to advocacy. Stephen Hines is also the vice-chairman of the Forum of Insurance Lawyers.
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