Survey: strong interest in MDPs and external capital among big firms
There is strong interest among the UK’s largest law firms in joining forces with a non-legal practice in the next two years, while several are also looking at external capital, according to new research.
ABSs to the fore as Quindell claims 15% of PI market and Countrywide sees profits rise
Quindell Portfolio, the alternative business structure that has acquired three law firms in the past 12 months, will have “15% of the UK market for personal injury claims” this year, it has claimed. Meanwhile, another major ABS – Countrywide Conveyancing Services – has reported profits of £8m for last year, up 4% on 2011.
Neuberger warns against risk of profits before principles in the ABS world
The president of the Supreme Court has urged the legal profession not to lose sight of its fundamental principles in the rush for modernisation, warning about the risks of pressure from “hard-nosed businessmen” who may invest in law firms.
First construction ABS as global consultancy buys law firm to offer multi-disciplinary service
An alternative business structure licence has opened the door to a global consultancy that project manages aspects of some of the world’s largest infrastructure and energy projects buying a specialist construction law practice.
Motorbike accident management company becomes ABS
A specialist motorbike and moped accident management company has successfully applied for an alternative business structure licence in order to take in-house personal injury work that is currently outsourced.
BSB launches probe after report identifies possible race bias in disciplinary work
The Bar Standards Board has become the latest regulator facing questions over race discrimination in its disciplinary system after an internal report appeared to show the existence of racial bias.
Exclusive: SRA rejects LSB call for review of separate business rule
The Solicitors Regulation Authority has rejected a demand by the Legal Services Board that it start a review of the separate business rule, saying it can see “very little public interest justification” for doing so.
Latest crop of ABSs eye external investment and non-legal services
A barristers’ chambers that forms part of a law firm group is amongst the latest crop of new alternative business structures approved by the Solicitors Regulation Authority. The SRA has now issued 90 licences, including multiples for firms with different entities.
Referral fee ban will drive insurers to buy law firms, “but it won’t reduce claims costs”
Insurance companies will buy law firms in response to the ban on referral fees, but this will not help to lower the industry’s claims bill, an analyst has predicted. An investor report on Admiral Group, produced by Investec, said the referral fee ban will cost the company £7 of income per vehicle.
The never-ending story: publication of Legal Education and Training Review delayed again
Completion of the much-anticipated Legal Education and Training Review (LETR) has been delayed once again. The academic team compiling the report after 18 months of research and consultation was meant to have delivered it by the end of 2012.
