Ombudsman takes solicitors to court for failing to comply with orders
The Legal Ombudsman has brought its first enforcement actions in the county court after two law firms failed to comply with its orders. In the first case, LeO had told the solicitors to pay £2,650 compensation to their client for paying money to a third party without authorisation.
Survival of fittest as strong firms grow stronger and weak firms weaker, says survey
Strong law firms are getting stronger while the weak are getting weaker as traditional sources of legal work dry up, a new survey seen exclusively by Legal Futures has concluded. The National Solicitors Selling Survey also found that more than half of firms surveyed saw ABSs as a threat.
SRA to demand detailed complaints information from law firms
Law firms will this year have to give the Solicitors Regulation Authority a detailed breakdown of the number and type of complaints they have received in the past 12 months, as part of the process of renewing their authorisation.
LSB: mid-tier City firms could be main targets of external investment
Mid-tier City law firms may have the greatest incentive to go to the public markets to fund their merger and acquisition activities, the Legal Services Board has suggested. But there is a risk of an “investment bubble” where external investment in alternative business structures proves only temporary for short-term gain.
Nearly a third of top firms “considering external investment”, says survey
Nearly a third of the top 100 law firms are considering taking external capital, while a few see floating on a stock exchange as “likely”, new research has claimed. A survey of finance directors at the top 100 by Sweet & Maxwell found that “a significant number” of the firms are considering embracing alternative business structures “at an early stage”.
Google Law moves closer after search giant invests in online legal documents
Internet behemoth Google has made its second foray into the legal market by investing in US online legal service Rocket Lawyer. Its venture capital arm, Google Ventures, has joined a group of investors putting $18.5m (£11.4m) into the company, which provides a subscription-based legal document assembly service.
New "find a lawyer" site offers choice of solicitors and public access barristers
A London barrister has launched an online referral service that passes instructions to public access barristers as well as solicitors. Karen Taylor, head of Themis Chambers, runs Find A Legal Specialist, which filters the needs of potential clients – including the complexity of the case – through a series of questions.
Top City lawyer targets Chinese and Indian law firms for ABS launch
A leading City lawyer is targeting major Chinese and Indian law firms with a view to using alternative business structures to help them build global practices from the UK. Stephen Kines said ABSs will provide them with a flexible structure.
Biggest indemnity insurer blames SRA as it decides not to seek new business this year
The largest provider of professional indemnity insurance to solicitors has announced that it will not be seeking any new business this year because of the Solicitors Regulation Authority’s failure to abolish the assigned risks pool immediately.
Hudson: SRA needs to provide “safe harbour” guidance to make OFR work
The benefits of outcomes-focused regulation could be thrown away if the Solicitors Regulation Authority (SRA) fails to provide “safe harbour” advice on how law firms plan to comply with the new rules, and transparency on how it will deal with breaches, the Law Society has warned.
