Clients of ABSs providing financial services advice exposed by Legal Services Act hole
Clients of law firms that provide retail financial services advice and convert to become alternative business structures could find themselves without access to a compensation fund or the firm’s professional indemnity insurance because of a hole in the Legal Services Act, it has emerged.
Will the world reject ABSs? Government to monitor “international acceptance”
The Ministry of Justice is to review the international reaction to alternative business structures early next year, it announced yesterday. It will monitor “the international acceptance” of ABSs, with an initial review in February 2012.
Stockbroker values magic circle at £6.7bn as it makes economic case for law firm flotation
The magic circle firms could be worth £6.7bn if they went public – equivalent to £3.9m for each partner – the first stockbroker assessment of the viability of law firm listing has estimated. An analyst note from Peel Hunt LLP said there is “a real economic case” to be made for public market listing.
Coalition set to unveil legal aid and Jackson legislation
Legislation to implement the legal aid and the Jackson reforms will be introduced to Parliament in the next few weeks, it has emerged. The Ministry of Justice’s updated 2011-15 business plan, published on Friday, says legislation will be introduced in June.
Profits soar at law firm consolidator
The Australian legal business consolidator Integrated Legal Holdings, one of the country’s (and world’s) two stock exchange-listed law firms, has announced a 96% increase in profits, and 18% rise in turnover, for the first half of its financial year.
Price comparison websites and “single regulatory badge” face LSB quality probe
The role of price comparison and customer review websites are set to come under scrutiny from the Legal Services Board as part of efforts to help consumers judge the technical quality of the legal advice they receive. It will also consider whether a “badge” would distinguish regulated and non-regulated providers.
Rising fraud means open conveyancing panels are at an end, warns CML chief
The growth of property fraud means that lenders’ open panels of conveyancing firms are at an end, the director-general of the Council of Mortgage Lenders has warned. Michael Coogan added that lenders remain unsure about the impact of the Conveyancing Quality Scheme.
High Court ruling a warning to firms offering clients fixed-fee retainers
Solicitors dispensing legal advice on a fixed-fee retainer should take care to clarify the terms and ensure the service they provide is the same as if it were paid for by the hour, following a High Court ruling.
What’s accreditation got to do with it?
Allan Carton of Inpractice UK argues that achieving Lexcel and CQS are essential but can only take you so far. Adopting the Investors in People philosophy will add genuine competitive advantage.
Signs of recovery as smaller firms halt income slide and boost partner profits
Smaller law firms have halted the decline in fee income, while partner profits rose significantly last year, Law Society research has found. They saw an average increase of 0.2% in practice fee income in 2010, following a reduction of 6.5% the previous year.
