LSB warns regulators over referral fee ban as government unveils CMC crackdown
The Legal Services Board has warned regulators not to go further than the legislative requirements for the impending ban on referral fees in personal injury, calling for “a liberal approach” that does not prevent alternative business structures effectively circumventing it.
First private equity backed ABS receives licence
Duke Street today became the first private equity firm to own part of a law firm after the Parabis Group received its alternative business structure licence, the twentieth so far issued by the Solicitors Regulation Authority.
Powers for Legal Services Board to raid regulators and seize documents under fire
Government plans to give the Legal Services Board powers to raid the premises of frontline regulators and seize documents have been strongly criticised for their lack of safeguards and inadequate protection of legal professional privilege.
Sub-standard legal advice and comparison websites in spotlight after Davies reappointment
Elisabeth Davies was yesterday reappointed as chair of the Legal Services Consumer Panel. The decision to keep Ms Davies in the role will keep the panel’s wide-ranging workplan on track.
Legal executives’ regulator sets sights on new practice rights and ABS licensing
The process of enabling chartered legal executives to set up their own practices has begun with their regulator looking for the power to award them rights to conduct litigation, conveyancing and probate without needing the supervision of a solicitor.
Irwin Mitchell set for external capital after receiving ABS licence
Irwin Mitchell has today become the largest law firm to become an alternative business structure and also received the first ‘multiple’ licences. In April 2011 the firm became the first to state its intention to seek external capital.
Ombudsman: complaints publication will be “imperfect” but it is not naming and shaming
The publication of complaints data will be “imperfect”, the Chief Legal Ombudsman has admitted, but it is better than publishing nothing at all and is emphatically not about naming and shaming lawyers.
Report: indemnity insurance market softening this year but underwriters wary of non-lawyer owners
There are signs of a softer professional indemnity insurance market for some law firms this year, but underwriters are looking to handle alternative business structures with care, a new report has claimed.
Northampton law firm becomes latest ABS
A 12-partner law firm with offices in Northampton and Milton Keynes has become the latest alternative business structure. Franklins Solicitors, which has 80 staff in all, provides a range of private client and commercial law services.
Companies facing referral fee ban “embracing opportunities” offered by ABSs
Alternative business structures are not a simple solution to circumvent the impending ban on referral fees, but referrers are starting to see real opportunities to enter the legal market themselves, a leading adviser has said.
