Welsh government offers City law firms incentives to open back-office operations in Cardiff
Wales will today make its pitch as a new onshore venue where City law firms can cut their costs by locating back-office operations. Cardiff recently became the UK’s first and only dedicated financial and professional services enterprise zone.
Quindell confirms binding agreement to buy Liverpool law firm
AIM-listed Quindell Portfolio has now signed a binding agreement to buy Liverpool law firm Silverbeck Rymer, subject to receiving its alternative business structure licence and Financial Services Authority approval, it announced today.
Growing interest in outside capital among smaller firms but their planning is lacking, survey warns
A growing number of small and mid-sized law firms are looking at raising external capital, but many need to address failings in basic business planning first, new research has found. It also identified £20m as the turnover point when a law firm turns into a real business.
Tribunal suspends first solicitor called to account for breaching SRA settlement agreement
The Solicitors Disciplinary Tribunal has for the first time sanctioned a solicitor who breached a regulatory settlement agreement that ended a Solicitors Regulation Authority investigation into him.
“Panic or paranoia” driving some firms to ABS
Some law firms are considering conversion to an alternative business structure (ABS) out of “panic or paranoia” without first getting their own houses in order, experts warned yesterday. Lawyers need first to build sustainable businesses, they said.
Survey: commercial firms eyeing up ABS opportunities, including MDPs and external cash
Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.
LeO “going too far” with bid to allow prospective clients and third parties to complain
The Legal Ombudsman is going too far in proposing to allow prospective clients and third parties to complain about lawyers, the Law Society has claimed. Chancery Lane found support from the Council for Licensed Conveyancers.
New QASA row erupts over role of solicitors in youth court cases
A key section of the final consultation on the Quality Assurance Scheme for Advocates has been condemned as “misleading and inaccurate” by a member of the Bar Standards Board, amid controversy over advocacy standards in the youth courts.
ABSs and stagnant economy pushing big firms towards merger, Deloitte predicts
Merger activity among the country’s top firms is likely to increase as they grapple with both the Legal Services Act and a stagnant economy, leading accountancy firm Deloitte has predicted.
Jackson reforms will spark rise in solicitor/own client disputes, costs specialists warn
The Jackson reforms will lead to a rise in the number of costs disputes between solicitors and their clients, as well as demand for help with costs management, specialist costs lawyers have predicted.
