Private equity, share schemes and non-lawyer partners: new ABSs highlight diversity of uses
Three more alternative business structures (ABSs) have been licensed by the Solicitors Regulation Authority, with external investment, an employee share scheme and a non-lawyer partner the drivers behind them.
Rules on judicial evaluation and QCs to change in QASA shake-up
More time to obtain judicial assessments and greater recognition for QCs have emerged as key amendments to the Quality Assurance Scheme for Advocates, leaving some of the most contentious aspects – such as plea-only advocates – unchanged.
Frontline regulators hit back at LSB assessment of their performance
Some of the frontline regulators have hit back at the Legal Services Board’s assessment of their performance. A detailed report on the “smaller” regulators found a wide range of competence, both across the different regulators and within each of them individually.
Mayson warns regulators against denying ABS licences over access to justice fears
‘Advice deserts’ that appear as a result of competition brought about by alternative business structures cannot be dealt with effectively by regulators operating under the Legal Services Act, an academic study headed by Professor Stephen Mayson has argued.
Hundreds of delinquent firms move closer to COLP/COFA action
Around 250 law firms have yet to even start the process of nominating their compliance officers and face having their authorisation removed in the New Year, the Solicitors Regulation Authority announced yesterday.
Thousands of solicitors face losing right to practise after PC renewal failures
Thousands of solicitors face having their right to practise removed after failing to meet the deadline to renew their practising certificate for 2012/13. Meanwhile, around 1,500 law firms have not responded to the Solicitors Regulation Authority’s staff diversity questionnaire.
Lawyers happier with LeO than complainants but malcontents on both sides see bias
Lawyers are a little happier with the service provided by the Legal Ombudsman (LeO) than complainants, new research has revealed. It also showed that just 27% of consumers were told about LeO by their lawyer, despite the mandatory signposting requirements.
Accountants launch bid to become ABS regulator, with 100 applications in the offing
Accountants could start offering reserved probate services to the public as soon as next autumn, the Institute of Chartered Accountants in England and Wales said yesterday as it submitted its application to become a regulator of probate services and alternative business structures.
Quindell gains ABS licence and says it can deliver profit under new costs regime
Quindell Portfolio has finally received its alternative business structure (ABS) licence and also predicted that it will be able to operate profitably within the new fixed fees and small claims structure put forward by the government.
Kiss and make up? Edmonds and Deech begin process of détente
The Legal Services Board has no agenda for fundamental reform of the profession and would like to see a new era of co-operation between frontline regulators on matters of common interest, its chair David Edmonds told barristers last week.
