MPs start probe into impact of Brexit on legal services market
MPs have launched an inquiry into the implications of Brexit for the justice system, including what it means for lawyers themselves. The justice select committee said it wanted to present the government with “recommendations concerning the questions which it will need to address in the eventual Brexit negotiation process”.
Knights shifts from private equity to direct lending to fund next stage of growth
Fast-growing alternative business structure Knights Professional Services has moved on from private equity funding and giving away an ownership stake, and turned to a major European lender to finance to next stage of its expansion. We revealed last month that James Caan has sold his stake in the firm.
First shareholder class action filed against Slater & Gordon
The first shareholder class action over the huge fall in Slater & Gordon’s share price has been filed, with a second to follow shortly. Australian law firm Maurice Blackburn said that “in light of the amount of lost shareholder value, the compensation sought is expected to be of very significant magnitude”.
Law firm’s ballet dancers advert was “mild innuendo” and not sexist, advertising watchdog rules
An advert for family law services featuring the torsos of four female ballet dancers with their arms crossed over the chests with the tagline ‘Protect your assets’, was “mild innuendo” and not offensive, the Advertising Standards Authority has ruled.
Second time unlucky for solicitors as SDT repeats strike off verdict
Two City solicitors struck off following a rare private prosecution before the Solicitors Disciplinary Tribunal have been struck off for a second time, two years after the High Court remitted the verdict but upheld a finding of dishonesty.
Law degree “not a particularly good training” for the law, Supreme Court justice says
Lord Sumption, the outspoken Supreme Court justice, has said he regrets the “growing tendency of would-be lawyers to devote themselves to the study of law from the age of eighteen”. In an ideal world, law should only be offered as a second degree as “the study of a different subject at a formative time of one’s life” was “personally enriching”.
Exclusive: Law firm launches ABS with investment from accountants
A West country agricultural law specialist firm has launched an alternative business structure with financial backing from a firm of accountants, with the aim of growing the practice five-fold. Rubric Law took external investment from Moore Scarrott, which is one of the largest veterinary accountancy practices in the UK.
Direct access website founder urges barristers to focus on broader expertise, not advocacy
Lawyers who don’t believe the “writing is on the wall” that unregulated legal services will increase “may find themselves on the wrong side of history”, the founder of direct access website Absolute Barrister has warned. He advised barristers to focus on their legal expertise more broadly, rather than advocacy skills.
Legal finance company set to delist as it awaits Supreme Court ruling
A finance company for law firms has announced that it wants to delist from the stock exchange as it awaits a crucial Supreme Court ruling. It is the first of two Supreme Court cases that focus on interpretation of the minimum terms and conditions for solicitors’ insurance, the second of which was before the justices yesterday.
Merger mania takes hold up and down the country
There has been the usual spate of law firm mergers and acquisitions up and down the country coinciding with the end of the traditional indemnity year, including the continuing growth of national crime firm Tuckers and a Scottish firm entering England for the first time.
