Law Society tight-lipped over reports of plan to launch own PII scheme for solicitors
The Law Society has refused to comment on speculation that it is to launch its own professional indemnity insurance offering for law firms. Legal Futures understands that it has been examining a managing general agency model.
Grayling starts to give way on legal aid reform and agrees to “managed market consolidation”
The Ministry of Justice today showed the first sign of cracking under the weight of pressure over its plans to reform criminal legal aid, with the Lord Chancellor ditching the plan to end client choice of solicitor.
SRA highlights risks in complex business structures and ‘group contagion’
A lack of transparency in complex business structures and ‘contagion’ from one part of a group to the law firm member are among the potential risks identified today by the Solicitors Regulation Authority in its first-ever risk outlook.
Court agency business becomes ABS
A business that provides court agency and other outsourced services has become an alternative business structure (ABS) in order to meet the demand of its clients. Ashley Taylors in East Sussex is the first business of its type to become an ABS.
Consumer panel questions Law Society reaction to single compensation fund proposal
The Legal Services Consumer Panel has questioned the Law Society’s strong reaction to its recommendation that the possibility of a single compensation fund across the legal profession be explored, including whether the society has actually read all of its work on the issue.
Law Society lays into consumer panel over single compensation fund
The Law Society has dismissed the Legal Services Consumer Panel’s call to consider a single compensation fund for all legal service providers. It claimed that the panel’s report “lacks the degree of rigour necessary for it to be considered seriously”.
Listed IFA business gains ABS licence to launch law firm
A firm of midlands-based financial advisers has received approval to set up an alternative business structure so as to extend its service to existing clients and drive revenue growth. It is a wholly owned subsidiary of listed independent financial advisory and wealth management firm AFH.
SRA finally starts to give way on unrated insurers
The Solicitors Regulation Authority has finally given ground over unrated insurers and is to investigate again whether it should introduce financial eligibility criteria. The regulator has launched an assessment of the “full implications” of such a move.
Consumer confidence in lawyers falling, survey finds
Confidence in lawyers’ honesty and in their handling of complaints has fallen for the second year running, although people who have actually bought legal services remain happy with their own lawyer, a survey has found.
From virtual firm in the garden shed to £2m ABS with big ambitions
A former virtual law firm plans that has grown into a £2m business in four years has unveiled major expansion plans after being granted alternative business structure (ABS) status. “ABS is about thinking that there are no limits,” said its founder.
