Number of smaller law firms on financial precipice soars
The number of small and medium-sized law firms in financial distress has soared to nearly a quarter of the profession, while one in eight has gone out of business in the last year, according to new figures.
Revealed: LSB ditches investigation into regulating 'general legal advice'
The Legal Services Board has ditched its investigation into whether giving ‘general legal advice’ should become a reserved legal activity – but hinted it may look to remove probate from the existing list.
Manchester firm ties up joint venture with insurer as law centres win ABS exemption extension
A Manchester law firm has launched a joint venture alternative business structure (ABS) with one of its major insurer clients. Meanwhile, the transitional exemption from ABS licensing currently afforded to not-for-profit organisations has been extended indefinitely.
Mayson publishes blueprint for reformed legal regulation framework
Leading market commentator Professor Stephen Mayson has indicated his support for a single legal services regulator as the best way to deliver a new regime in which all legal services are regulated to some degree, with only one regulator for each of a much-expanded list of reserved activities.
Revealed: LSB legal director opposed approval of QASA
The legal director of the Legal Services Board disagreed with its decision to approve the Quality Assurance Scheme for Advocates because he wanted to ensure that the impact on judicial independence had been fully considered, it has emerged.
Lenders hit out at SRA over compensation
The country’s mortgage lenders have hit out at the Solicitors Regulation Authority for not being transparent in the way it runs its compensation fund, leading to a perception that lenders are being made to carry the can for solicitors’ wrongdoing.
Solicitors join forces to purchase more legal practices, WIP books and cases
Neil Hudgell Solicitors, the law firm which two years ago launched the website ‘Webuyanyfiles’ targeted at personal injury firms looking to exit the market, has formed a joint venture with national practice Simpson Millar to expand the offering.
Consumers given option to turn to Your Legal Friend
Liverpool law firm Camps has launched a new consumer brand – Your Legal Friend – as part of its “multi-channel” response to the personal injury market. It said the launch follows research to ensure the brand reflects both what the company stands for and delivers what its customers most value.
Brilliant Law closes multi-million pound funding round
Brilliant Law, the alternative business structure that was set up with investment from BetFair founder Bert Black, has just received a further seven-figure cash injection. One of the new investors, lawyer turned investment banker Jag Mundi, has also joined as a non-executive director.
Barristers quit BSB prosecutors panel in QASA protest
A number of barristers have resigned from the Bar Standards Board’s prosecutor panel in protest at the imminent launch of the Quality Assurance Scheme for Advocates. They include a group of seven barristers from 18 Red Lion Court.
