Exclusive: personal liability risk discouraging people from becoming COLPs and COFAs
Wariness among individuals of becoming compliance officers – especially because of the risk of personal liability – has led to some firms nominating persons who lack the most relevant expertise, research seen exclusively by Legal Futures has found.
First start-up ABS hits the Bar early
Red Bar Law has become the first start-up alternative business structure, offering clients early access to barristers and costs savings of at least 30%. It is the brainchild of a solicitor and business consultant.
ABSs help put 2,000 law firms at risk of financial failure in next year, says research
Alternative business structures and tax liabilities mean that over 2,000 law firms are at risk of failure in the next 12 months, according to the Association of Business Recovery Professionals, better known as R3.
Barristers “must adopt corporate approach” to survive
A corporate approach to working, with joint strategies and common vision, can enable elements of the Bar to continue to operate as an independent referral profession, with the Bar Council’s proposed new Bar Business Standard a good start, it has been claimed.
Innovative Scottish corporate law business outlines English ambitions
An innovative Scottish legal services business that works on fixed fees and offers clients an outsourced in-house legal function is looking to replicate its model south of Hadrian’s Wall. Vialex is also eyeing up becoming an ABS.
Government u-turn on scrapping criminal sanctions for breaches of money laundering regulations
The government has changed its mind over scrapping more than two dozen money laundering offences that can penalise lawyers for minor rule breaches, but has emphasised that minor failures should not lead to prosecution.
Norwich firm eyes first football ABS
The prospect of the first football-related alternative business structure moved closer to reality this week after a Norwich law firm set up a football agency. Leathes Prior has also launched an innovative litigation risk analysis tool.
High Court orders regulator to consider £2.3m compensation claims
The High Court has ordered the Council for Licensed Conveyancers to consider £2.3m claims for compensation after it overturned an internal decision that the CLC was unable to make any grants at all.
File reviews – are they really necessary?
Since the introduction of the SRA Handbook, firms have been asking whether they should introduce or improve a file review system. Corinne Staves, a senior associate at Maurice Turnor Gardner LLP, considers the issues.
High level of consumer satisfaction with legal services providers, says research
Satisfaction with legal services providers is high, major new research has found, with those using solicitors likely to get a better result than those who sought advice from other providers. But fewer than half of those with legal needs sought professional help.
