Cost of acquiring PI cases is £700 – and the referral fee ban will have no effect, says report
The cost of acquiring personal injury cases, irrespective of the referral fee ban, is around £700 – £200 more than the government is proposing for routine road traffic claims even before the legal work is factored in, according to new research.
Chambers sign up to escrow account pilot after FSA gives green light
Ten chambers have signed up to the pilot of Barco, the Bar Council’s third-party escrow account that will allow barristers to handle client money. It follows the Financial Services Authority granting regulatory approval for the service under the Payment Services Regulations.
LSB backs end to minimum salary and to IFA referral requirement
Controversial rule changes that scrap the minimum salary for trainee solicitors and allow solicitors to refer clients to tied financial advisers were approved last month by the Legal Services Board. In both cases the LSB found that there was no reason to refuse the applications.
SRA and claims regulator dismiss Law Society speculation of referral fee ban “difficulty”
The Solicitors Regulation Authority and the Claims Management Regulator have dismissed a Law Society suggestion that they will not be ready to implement the referral fee ban on 1 April. The society said there was a possibility the pair “may have some difficulty” in doing so.
Bank launches free online work matching service
A free online business supplier community that allows law firms and other providers to pitch for service requirements posted by other UK businesses has been launched by NatWest and RBS. BizCrowd aims to take online the bank manager’s role in connecting businesses.
SRA mulls making firms that want to hold client money seek permission
The Solicitors Regulation Authority giving solicitors positive permission to hold client money is one of the options it will consider as part of the review of conveyancing, it has emerged. It has also expressed concern about mortgage lenders using solicitors as an insurance policy against problems.
ABS start-up targets combination of legal and non-legal advice for SMEs
A start-up company aimed at offering small and medium-sized businesses a wide range of legal and non-legal advice has received its alternative business structure (ABS) licence from the Solicitors Regulation Authority.
Consumers not empowered enough to drive competition in legal market, says study
Regulators face an “uphill struggle” to put consumers in a position where they can be useful in helping to driving competition in the legal market, a study has warned. The Legal Services Consumer Panel suggested consumers are “currently not very empowered” and lack confidence.
Cherie Booth’s international government consultancy wins ABS licence
An international boutique legal consultancy headed by Cherie Booth QC, which advises governments on strategy, has received an alternative business structure licence from the Solicitors Regulation Authority. Omnia Strategy hit the headlines last year when it was reported to be advising the government of Bahrain.
Stress dominates calls to LawCare as charity outlines concerns over alcohol danger
Stress continues to dominate calls to legal healthcare charity LawCare, and this in turn leads some lawyers to alcoholism later in their careers, its review of 2012 has said. More than two-thirds (69%) of the 378 case files opened last year related to stress.
