SRA puts 1,200 firms on financial stability watchlist – how many more will join them?
The Solicitors Regulation Authority now has 1,200 law firms on its financial stability watchlist, with more likely to join it shortly, it has emerged. It follows the recent request for financial data from 2,000 practices.
Now tax man turns his gaze to partnership service companies
Service companies that law firms and others use to employ their staff and shift profit could be the next target of the government tax avoidance crackdown, the Chief Secretary to the Treasury Danny Alexander has indicated.
Slater & Gordon begins push for national brand recognition
Slater & Gordon yesterday launched its first UK television advertising campaign as it bids to become “a household name”. Costing more than £1m in the launch phase, the firm used M&C Saatchi to create a series of adverts, starting with one on personal injury.
BSB joins SRA in bid for structural independence
The Bar Standards Board has made a bid for formal independence from the barristers it oversees – the second frontline regulator to use the Ministry of Justice’s review of legal services regulation to make the case.
Strong results for the UK’s first ABS
The country’s first alternative business structure and largest conveyancing business revealed strong annual results yesterday. Premier Property Lawyers – which became an ABS on 6 October 2011 – is part of My Home Move, which also has a panel management operation.
Capita gears up for further expansion after Optima acquisition
Capita, the outsourcing giant that yesterday announced plans to buy a law firm, remains on the acquisition trail and is also looking for a top-20 law firm to partner with, Legal Futures can report.
BSB presses ahead with QASA preparations despite judicial review
The Bar Standards Board has pledged to continue with preparations for the Quality Assurance Scheme for Advocates notwithstanding the judicial review against the scheme launched last week. Meanwhile, it has been criticised for its “mean” position over the costs of the JR.
Call to restrict scope of PII cover as 1,000 firms face risk of closure
The risk of as many as 1,000 law firms having to shut down because they cannot find professional indemnity insurance means it is time to narrow the scope of the cover solicitors are required to have, a leading adviser has argued.
Outsourcing giant enters market with Optima Legal acquisition
Outsourcing giant Capita plc has reached a conditional agreement to acquire Optima Legal Services pending the grant of an alternative business structure licence.
“Productive and innovative” ABSs beginning to make their mark, says LSB
New business structures are more productive and innovative than traditional law firms, Legal Services Board research has found. It also said that alternative business structures are “starting to have an impact” on some parts of the market and collectively have a 5% market share.
