Legal Futures Conference: “Third of top 300 law firms will disappear by 2022”
A third of the top 300 UK law firms will have disappeared by 2022, a law firm finance expert predicted at yesterday’s Legal Futures Innovation Conference. John Llewellyn-Lloyd, who advised London firm Gordon Dadds on its recent flotation, said that by then there would also be at least 10 listed law firms, with a combined capitalisation of £2bn.
Advertising watchdog rules Law Society advert “exaggerated” quality of CQS firms
Law Society advertising of its Conveyancing Quality Scheme “misleadingly exaggerated the membership requirements” to make it sound like the accreditation process is more rigorous than is actually the case, the Advertising Standards Authority has ruled.
Law firm diversity “blocked by unconscious bias”
Unconscious bias in legal businesses is hampering their success, inhibiting a diverse and inclusive sector, and damaging the experience of women and minorities in the workplace, according to a report. Law firms need to train senior personnel to recognise their prejudices and introduce ‘disruptors’ – such as transparent work allocation practices – to prevent it.
ABS considers listing as it becomes first law firm to join stock exchange growth programme
Pioneering alternative business structure (ABS) rradar has become the first law firm to be selected for the London Stock Exchange ELITE programme, which helps innovative new companies grow. Gary Gallen, chief executive of rradar, told Legal Futures that listing was “certainly something we’re looking at”, and being part of the programme would give the firm “all the tools and skills you need to do that effectively”.
Jail for men who tried to defraud and blackmail solicitors
Two men who were part of an organised fraud network that conned solicitors and others out of over £300,000, as well as a man who tried to blackmail a law firm to pay over €10,000 for the return of data stolen from its systems, have been sent to prison.
Kennedys calls in university AI team to help tackle insurance fraud
City law firm Kennedys has called in artificial intelligence (AI) experts at Manchester University to help develop a new product to combat insurance fraud. The two-year project, co-funded by the government agency Innovate UK, will involve academics develop a new system based on the law firm’s databases.
Potential client met with top family law solicitor “to conflict him out” of acting for other side
A leading family law solicitor’s meeting with a potential client was for the purpose of conflicting him out of acting for the other side, the High Court has said as it rejected an application to stop him from doing just that. It said Raymond Tooth – famously nicknamed ‘Jaws’ – did not receive confidential or privileged information.
Law firms view solicitor training reform negatively, SQE survey finds
The more law firms find out about the planned Solicitors Qualifying Examination (SQE), the less positive about it they become, expecting that they will have to top up the knowledge acquired under the new route to qualification, research has found. The poll also found widespread ignorance of the Solicitors Regulation Authority’s planned overhaul of training.
Keystone listing will enable “smooth exit” for private equity investor
The public listing of Keystone Law will provide its private equity investor with a “smooth exit” once Root Capital chooses to move on, the firm’s chief executive has told Legal Futures. James Knight was speaking in the wake of yesterday’s news that the ‘dispersed’ or ‘virtual’ firm will list on AIM at the end of the month.
Rebuke for leading legal aid firm that decided theft of client money was not ‘material breach’ of SRA rules
Leading legal aid law firm Duncan Lewis has been rebuked by the Solicitors Regulation Authority for deciding that the theft of client money was not a material breach that had to be reported to the regulator. Instead, it considered the misconduct to be an “internal matter”.
