Gateley partners will be able to sell some shares during lock-in period
Partners in newly listed law firm Gateley will be able to sell 10% of their shares each year from next June as part of their five-year lock-in, it has emerged. The admission document that Gateley published as trading began in its shares this week revealed a plethora of detail about its operation.
Michael Jackson’s lawyer loses High Court battle over Dewey & LeBoeuf loan
An American celebrity attorney who acted for Michael Jackson has lost a High Court battle with Barclays Bank over a $540,000 loan relating to his time as partner in failed US firm Dewey & LeBoeuf.
There is a “huge future” for high street firms, new SPG chairman says
There is a “huge future” for high street law firms, but the way ahead will be for practices to become more specialised, the new chairman of the Sole Practitioners Group (SPG) has said.
Dyson: There’s nothing left to cut at the Ministry of Justice
The Master of the Rolls has suggested that there is nothing left to cut at the Ministry of Justice in the wake of last week’s announcement that its budget is to be reduced by a further £250m.
Only one solicitor sent to SDT over referral fee ban as large CMCs thrive
Only one solicitor has been sent to the Solicitors Disciplinary Tribunal for breaching the ban on referral fees in personal injury cases, it has emerged. Meawhile, the head of claims management regulation said the “biggest CMCs are making more and more money”.
LSB tells regulators to monitor lawyers over ‘price transparency’
The Legal Services Board has urged the frontline regulators to keep a close eye on ‘price transparency’ among lawyers in the wake of a Legal Ombudsman report that said a quarter of complaints it received were triggered by a lack of clarity over fees.
A moment of legal history as investors start trading law firm’s shares
The price of shares in Gateley rose in early trading today as it broke historic new ground as the first UK law firm to list on the stock exchange. The AIM-listed business, which listed at 95p, saw its shares reach 110p initially before easing back to 99p by close of trading.
Miscarriages of justice charity transforms itself into law firm
A registered charity has become a fully-fledged law firm in what is believed to be the first transformation of its kind, after it received approval from the Solicitors Regulation Authority.
Big firms hit hardest by fall in conveyancing transactions, report finds
The top five conveyancing firms handled 36% fewer transactions in the first quarter of this year, a report has found, and their market share dropped from 8% to 6%. On average, firms handled 14% fewer transactions and the number of firms also fell.
High Court backs SRA over bankruptcy costs claim
The High Court has backed the Solicitors Regulation Authority in denying a trustee in bankruptcy the right to deduct his costs from client funds held by a solicitors’ practice after the principals were made bankrupt.
