Solicitor found in contempt following Legal Ombudsman enforcement action
A Birmingham solicitor has become only the fourth lawyer to be found in contempt of court as a result of legal action taken by the Legal Ombudsman. He was also hit with a fine of £5,000 plus costs, after holding on to important files and failing to update his clients.
AccessSolicitor to mine public data in latest ‘find a lawyer’ venture
An online legal directory aiming to aggregate the publicly available data about lawyers – including complaints information from the Legal Ombudsman – has launched with the outline details of nearly 13,000 lawyers.
Partners “in the dark” over their firm’s financial performance and risk of failure
Too many partners are unaware of their firm’s financial situation and the personal implications of the business going under, it has been claimed. Firms are in serious danger of going out of business because they do not have sufficient cash to meet their running costs.
Stuttering growth “pushing firms towards mergers”
A lack of growth is one of the factors behind the increasing trend towards mergers and acquisitions amongst small and medium-sized law firms, new research has suggested. Firms are also continuing to ignore the importance of lock-up to their cash flow, it said.
Law Society lays into government’s partnership tax reforms
The government’s proposed tax reforms for limited liability partnerships (LLPs) are “haphazard”, “incoherent”, backward looking, and would introduce a “bizarre distinction” between business entities, according to the Law Society.
From ‘America’s most familiar law firm brand’ to the UK’s? Jacoby & Meyers unveils ABS plan
Jacoby & Meyers – which claims to be the largest full-service consumer law firm in America – is to create a joint venture alternative business structure as a vehicle to acquire UK law firms and become a “significant” player over here.
High Court asks SRA to consider firm’s fitness to practise after contempt ruling
The incoming Lord Chief Justice has asked the Solicitors Regulation Authority to consider a law firm’s continuing fitness to practise having found its senior partner in contempt of court.
Conveyancers face new referral fee disclosure rules but no ban
The Legal Services Board has backed improvements to the transparency of referral fees paid by licensed conveyancers following a review that found absolutely no justification for a ban.
Insurance industry “shaping the law firm M&A agenda”, say experts
Professional indemnity insurers are starting to shape the UK legal sector as they exert their influence during law firm mergers and acquisitions, experts have warned. Their attitude towards a firm’s target is becoming a significant influence on who buys whom – and who doesn’t.
Pioneering ABS combines legal and accounting services
The first alternative business structure to market itself as a firm offering both legal and accountancy services has been licensed by the Solicitors Regulation Authority. Direct Law & Finance Ltd is a firm of solicitors and accountants based in Brentford, west London.
