Law Society launches stinging attack on SRA plan for massive fining powers
Solicitors Regulation Authority plans to introduce multi-million pound fines for law firms are a “significant breach of Parliament’s intentions” and in any case wrong on policy grounds, the Law Society has claimed.
LSB set to survive government review despite best efforts of frontline bodies
The Legal Services Board is likely to survive the government’s triennial review of its functions largely unscathed, despite a series of attacks from those it oversees, it has emerged.
LegalZoom gears up for UK entry with $120m IPO
LegalZoom, the leading US online legal documents service, is to boost its plans to open in the UK this year with an initial public offering in New York that aims to raise $120m (£75m). LegalZoom said international expansion was one of the main reasons for going public.
Neuberger: ABSs herald death of hourly billing
Alternative business structures may well herald the demise of hourly billing as legal practice becomes even more competitive, the Master of the Rolls has predicted. Contingency fees and price comparision websites will also play a role.
SRA under fire for “failing to act” on bogus law firm warning
A Birmingham law firm is considering action against the Solicitors Regulation Authority for failures which it claims led to it being tricked by a bogus practice as part of a mortgage fraud and now facing a court order to repay £184,500 to the lender.
Edmonds tells lawyers to get off their high horse about non-lawyers’ impact on their ethics
It is “demeaning” to suggest that non-lawyers becoming involved in alternative business structures are less likely to be ethical, the chairman of the Legal Services Board claimed last night. David Edmonds also pointed to a string of scandals involving lawyers.
Law firms team up to launch fixed-fee collaborative law one-stop shop
A group of 15 law firms in Yorkshire and the north-east have joined forces with a specialist divorce coach and independent financial adviser to offer what they say is the first fixed-fee collaborative divorce service. There are plans to expand Dovetail Divorce Solutions across the country.
LSB calls on government to back bid for huge increase in SRA’s fining powers
The Legal Services Board has called on the government to support a bid by the Solicitors Regulation Authority for a massive increase in the amount it can fine law firms. The SRA wants to increase its power to fine law firms from £2,000 to £250m, and to £50m for individuals.
ABS-in-waiting unveils £120m contract with top insurance intermediary
A leading insurance intermediary has agreed a £120m contract with the proposed alternative business structure (ABS) being put together by Quindell Portfolio. Quindell is awaiting SRA approval for its acquisition of Liverpool law firm Silverbeck Rymer.
Hundreds of millions of pounds pour into third-party litigation funding
Hundreds of millions of pounds are to be poured into backing litigation after both Vannin Capital and Harbour Litigation Funding unveiled significant funding boosts, the highest profile of a series of developments in the third-party funding market.
