“Growing interest” in barrister-run ABSs
The Bar’s regulator will take a “cautious” approach to licencing alternative business structures (ABSs) and look closely at non-lawyer owners to ensure no “naughty” behaviour, but said over the weekend that there is strong interest in the possibilities on offer.
Law students build app aimed at helping crime victims
Four Cambridge university law students have created a free artificial intelligence ‘chatbot’ using natural language input with the aim of clarifying whether a criminal offence has taken place and making it more likely the police will take victims of crime seriously.
Trio of partners punished for allowing client account to be used as banking facility
Three partners at well-known London law firm Fladgate have been sanctioned by the Solicitors Disciplinary Tribunal for allowing its client account to be used as a banking facility. Just over £4m went in and out of client account without any underlying legal transaction, in breach of the accounts rules.
Law Society fends off criticism of how it assures quality of CQS firms
Claims that the Law Society’s Conveyancing Quality Scheme does little to actually check the quality of the work solicitors do have been rejected by Chancery Lane. It was reported recently that since the scheme was launched in 2010, assessors have visited only 12 of the 3,000-plus members of the scheme.
Survey predicts partnerships out, ABS in
Most lawyers expect the law firm partnership model to wither over the next decade, as the legal services market embraces alternative business structures and technology, while ditching hourly billing – according to a new survey.
Government shelves personal injury reform
The government has unexpectedly shelved its reform of personal injury claims – at least for now, it has emerged today. An email from the Association of British Insurers, seen by Legal Futures, said “the Secretary of State has decided she does not want to proceed with the reforms at the moment”.
High Court throws out £5m fraud claim against solicitor and legal executive
The High Court has thrown out a £5m fraud and conspiracy claim against a newly qualified solicitor and experienced legal executive who acted for a Docklands developer. Mr Justice Mann said the pair had suffered “years of anxiety” as a result of the claim, “culminating in a trial which they should not have had”.
SRA imposes conditions on PwC’s new ABS licence
The Solicitors Regulation Authority has imposed conditions on PricewaterhouseCoopers’ new alternative business structure licence to ensure that lawyers working for the ‘big four’ firm continue to observe key principles of conduct when handling unreserved work.
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.
