First ABS start-up reports strong first year with barrister-only model
The first start-up alternative business structure (ABS) – offering clients ‘early access’ to barristers – has smashed expectations in its first year and aims to be turning over £500,000 in the next 12 months.
Hudson’s pay falls as Law Society records £22.7m deficit
Law Society chief executive Des Hudson saw his remuneration package fall 16% last year, the society’s annual accounts have shown. The Law Society recorded a net deficit of £22.7m in 2012 – more than the £10m which had been budgeted for.
Criminal solicitors “losing moral compass” – and not just because of falling legal aid pay
Defence lawyers bear partial responsibility for miscarriages of justice, and better ethics training and spending time with ordinary people are as likely to reverse “moral decline” as boosting pay, according to new research.
Legal Education Foundation launches with grants to promote pro bono, education and social mobility
The charity created following the sale of the College of Law last year has today announced its first grants, with access to justice, the profession and education the focus. The Legal Education Foundation has a capital endowment of approximately £200m.
Innovative ABS to package up legal services for financial advisers
A newly established alternative business structure (ABS) set up by two lawyers and a wealth management expert is set to package up legal advice for financial advisers to provide to their customers.
The collapse of In-Deed should give hope to conveyancers
It came as a major surprise to many in the industry when In-Deed closed for business. Despite a difficult trading period, with over £1m in cash on its balance sheet the company appeared in better health than many conveyancing practices. The closure marked a swift rise and fall in fortune for one of the poster children of liberalisation of the legal market.
Surveyors claim ABS first while private equity-backed firm builds multi-disciplinary practice
A London firm of chartered surveyors has become an alternative business structure (ABS) with plans for a legal arm, in what is believed to be the first venture of its kind. Meanwhile, private equity-backed ABS Knights Solicitors has hired six planners as it builds a multi-disciplinary offering
Cost of practising as a solicitor to rise sharply
The cost of practising as a solicitor is set to rise at a rate of more than four times inflation, if the Law Society’s council approves figures that will be put before it later this week. The collection of £116.8m in fees from the profession is up £13.2m on this year.
Law Society's wills quality scheme launched with warning over falling market share
The Law Society last week finally launched its Wills and Inheritance Quality Scheme (WIQS) last week with a warning to the profession that it needs to act to halt the fall in its market share. But the likes of the Co-op, AA and Saga will be able to apply for it too.
Exclusive: swathe of personal injury firms reports reduced income since LASPO
Almost a third of personal injury law firms in the north-west have seen fee income drop due to the introduction of LASPO reforms on 1 April, new research has found. More than 70% said that the regulatory and structural changes have had a negative impact on their businesses.
