Help firms switch regulator by scrapping run-off rules, CILEx Regulation tells LSB
Law firms that switch regulator should not be forced to buy six years of run-off insurance cover, CILEx Regulation has argued in a report for the Legal Services Board. It said that only firms which were actually closing should have to buy run-off cover.
Government promises to clear way for supermarket and estate agent ABSs
The government said today that it will “further reduce barriers” to make it easier for alternative business structures, such as supermarkets and estate agents, to offer legal services like conveyancing, probate and litigation. It will also seek the complete separation of regulators from representative bodies.
Bullish Slater & Gordon says: PI reforms will not have a “material effect” on main business
Slater & Gordon’s share price has bounced back after last week’s precipitous plunge following the Autumn Statement, with the law firm predicting that the reforms outlined by Chancellor George Osborne would not have a “material impact” on its core business.
High Court judge castigates senior property partner “who cut corners all the time”
A High Court judge has launched an extraordinary attack on a senior property partner, saying that although he was “on the whole” an honest witness, he “plainly cut corners all the time in his practice”. Mrs Justice Proudman said Michael Parker regarded himself as a “man of commerce”.
Income plummets by 24% as BSB regulates smaller than expected number of firms
The Bar Standards Board has reported that its annual income is expected to plummet by almost a quarter (24%) by the end of this financial year, with the smaller than expected number of firms or ‘entities’ that had sought its oversight contributing significantly to the shortfall.
Slater & Gordon share price continues to plummet, while UK-listed PI businesses also hit
Slater & Gordon’s share price continued to tumble in the wake of the Autumn Statement, with another 27% wiped off their value overnight, while National Accident Helpline has also taken a big hit on AIM. The two listed UK alternative business structures with exposure to personal injury have fallen as well – albeit less precipitously.
Solicitors should be able to practise from unregulated firms, SRA suggests
Practising solicitors should be allowed to deliver advice to the public from unregulated firms, subject to restrictions, the Solicitors Regulation Authority has suggested as part of a phased review of how it regulates both individuals and organisations.
Ex-partners fined for exchanging offensive emails
The Solicitors Disciplinary Tribunal has fined three former partners who sent each other emails containing offensive comments about colleagues over several months. It said the emails contained “derogatory and hurtful comments about individuals, including some colleagues, which were based on gender, sexual orientation and/or race”.
Breathing space for PI lawyers? General damages reform will not come in until 2017
The abolition of general damages for all low-value whiplash claims will not come into force until April 2017, it has emerged – giving the personal injury market more time to adapt than expected. Law firms have also been urged to start planning for the changes, with some likely to close as a result.
Slater & Gordon’s share price collapses in response to Autumn Statement
Slater & Gordon’s share price tumbled by more than 50% overnight as investors reeled at the potential impact of the personal injury reforms unveiled yesterday in the Autumn Statement. It fell below A$1 for the first time since the firm listed in 2007.
