SRA ‘unsure’ whether to act on complaints of loss-leader pricing by law firms
Complaints from competitors that a law firm is engaging in predatory pricing are difficult to deal with, the Solicitors Regulation Authority admitted last week. At the same time, regulators were urged to make it easier for firms to inform them about what other practices in their area were up to.
SRA independence still a concern as LSB keeps Law Society on report but eases demands
The Legal Services Board yesterday expressed continuing concerns about the independence of the Solicitors Regulation Authority from the Law Society. This has led the LSB to issue a new statutory notice requiring the society to provide it with information.
Commercial firms “surprisingly” confident of profitability hike
Two-thirds of commercial law firms are surprisingly confident of increasing profits by at least 10% in each of the next two years, despite concern about competition from ABSs, according to new research.
Barristers to return all interest to clients with new account facility
Barristers using the new escrow account so they can deal with client money will not retain any interest, it has emerged. The Bar Council’s BARCO scheme should also prove difficult to defraud, according to the man who has led its development.
SRA throws weight behind global legal regulators' network
Legal regulators from around the world have agreed to create an information-sharing network as a first step towards the eventual formation of a global regulators’ organisation.
Accountants attack bid to pull them into regulatory net for will-writing and estate work
Accountants should be excluded from Legal Services Board plans to reserve will-writing and estate administration, their professional body has argued. Meanwhile, it is not yet clear whether the SRA will be allowed to regulate will-writers.
Extending LeO’s jurisdiction to claims managers may make things worse, Law Society warns
The problems claims management companies cause consumers will not be solved by giving the Legal Ombudsman jurisdiction over them – and may even be exacerbated, the Law Society has warned.
LSB: regulating will-writing and estate work will grow market and benefit solicitors
The reservation of will-writing and estate administration should boost the amount of work and allow existing providers such as solicitors to become more competitive, the Legal Services Board said today as it laid out how the regime will work.
City law firm to launch ABS integrating legal advice with HR consulting
A City-based law firm next week launches an alternative business structure (ABS) to offer employers a range of human resources consulting and ‘employee engagement’ services, integrated with its existing legal practice.
Barristers to have facility to deal with client money from next year
Barristers will soon be able to offer a full range of legal services after the Bar Council unveiled a third-party escrow account which will hold client money. All funds are to be held in a ring-fenced account with Barclays.
