Quarter of SME law firms have fallen victim to cyber-attacks as profits rise, survey finds
There have been some significant thefts from client accounts in recent months, with one in four SME law firms having suffered a cyber-attack or fraud related loss in the last year, according to new research. The poll of 269 firms also showed that income and profit continues to rise, although cash remains an issue.
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.
Insurers urge MPs to close whiplash “loophole” in Prison and Courts Bill
If the definition of whiplash in the Prison and Courts Bill does not encompass back injuries, then it will provide “a loophole for fraudsters”, MPs were warned yesterday. Meanwhile, the ABI admitted it did not know how many insurers would pass on the savings made by personal injury reform.
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.
Model for online court “will begin to hear small claims from 1 June”
The pioneering digital tribunal thought to be the model for England and Wales’s online court will begin resolving small claims disputes worth under about £3,000 on 1 June, it has emerged. British Columbia’s civil resolution tribunal claims to be “the first online tribunal in the world that is integrated into the public justice system”.
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.
