Cahill Gordon & Reindel is first US firm to set up an ABS (really)
Cahill Gordon & Reindel, based in New York, has become the first US firm to set up an alternative business structure in the UK, Legal Futures can reveal. Its head of legal practice is Richard Kelly, a London-based partner.
Co-op Legal Services stems losses and declares 2015 “our foundation year”
Co-operative Legal Services (CLS) stemmed its losses in the second half of 2014 and remains a core part of the wider Co-operative Group, today’s annual results have revealed. While the group has returned to profit, CLS recorded a loss of £5m for the year.
Huge rise in number of lawyers disciplined for money laundering, Treasury reports
There has been a massive increase in the number of lawyers disciplined by their professional bodies for breaking the rules on money laundering, a Treasury report has found.
First 15 BSB-regulated entities ‘on verge’ of providing legal services to clients
The Bar Standards Board has approved 15 new businesses as it enters the world of entity regulation – but they remain unnamed as they have first to confirm that they have professional indemnity insurance in place.
SME law firms eye mergers as good times return
Smaller law firms continue to see merger, rather than external investment or bringing in non-lawyer owners, as the more likely path to growth, Law Society research has found. It also found that the majority of practices polled are now recording net profits ahead of where they were before the recession.
ASA rejects personal injury advert complaint because consumers ‘now understand how claims work’
The Advertising Standards Authority has rejected a complaint against a west country personal injury law firm, saying that consumers now have “a general awareness that to have a valid claim there would have to be some degree of fault or negligence by a third party”.
Consumer panel attacks CLC over plans to halve compensation grants
The Legal Services Consumer Panel has strongly attacked plans by the Council for Licensed Conveyancers to cut the size of grants from its compensation fund from £1m to £500,000 – a quarter of the amount clients of solicitors can claim.
Work starts on ethical leadership initiative for “under pressure” in-house lawyers
Leading legal academics are developing a blueprint for ethical in-house practice, amid growing evidence that general counsel are under increasing pressure to compromise their professional ethics.
Regulation round-up: the first US law firm ABS that wasn’t – thanks to SRA error
Jenner & Block has not become the first US law firm licensed as an alternative business structure, it has emerged – rather it was an error by the Solicitors Regulation Authority. Plus, call for QC to be open for all, and new members of LeO’s board.
Leading solicitor launches ‘first app to digitise work of criminal lawyers’
A criminal law firm has teamed up with a technology company to launch what it said is the first app to digitise the work of criminal lawyers, even when they are working offline in prisons or police stations.
