LSB presses ahead with plan to regulate ABSs amid concerns over Law Society vote
The Legal Services Board is pushing ahead with preparations to regulate alternative business structures itself because of fears that the Law Society council will next month block the Solicitors Regulation Authority’s plan to become an ABS regulator, Legal Futures has learned.
Escalating number of allegations over financial misconduct by firms, says SRA
Law firms are facing an escalating level of accusations over financial misconduct, with claims on the Solicitors Compensation Fund also doubling in a year to £163m, figures from the Solicitors Regulation Authority have revealed.
Government u-turn on giving complaints data to LSC, JAC, QC body and others
In an embarrassing last-minute u-turn, government lawyers have blocked bodies including the Judicial Appointments Commission, QC Appointments and Legal Services Commission from receiving sensitive data on complaints against lawyers, Legal Futures has discovered.
Three-month extension to insurance should replace ARP, suggests Law Society
A temporary extension of cover should replace the pooled liability insurers have for struggling law firms, the Law Society has proposed. The extension of existing cover should be for a minimum of three months and its cost based on the current premium.
High Court: “Insulting” to make solicitors check elderly clients’ capacity without reason
Solicitors have no need to investigate an elderly person’s capacity to contract without good reason and any such duty on them would be “insulting and unnecessary”, a High Court judge has said. Mrs Justice Sharp said the claimant had failed to establish that a lack of capacity “would have been evident to a reasonably competent solicitor”.
SRA to consider compulsory ethics training for all solicitors as it plans major CPD review
Ethics training could become a compulsory element of solicitors’ continuing professional development as part of a fundamental review to be conducted by the Solicitors Regulation Authority, Legal Futures has learned. The review – described by the SRA as “overdue” – will look to ensure that CPD “works in the new world of alternative business structures and outcome-focused regulation”.
Value of pro bono work done by private practice solicitors hits £475m
Solicitors in private practice undertook pro bono work in 2010 estimated at £475m, a rise of 19% on the year before, Law Society research has found. The figure represents 2.3% of the total gross fee income for private practice last year.
Cash-strapped law firms and lawyers up borrowing to pay tax bills
Law firms facing a cash flow crunch are sharply increasing their borrowing to meet tax liabilities, a lender to the legal profession has reported. Syscap says loans sought by firms have almost doubled compared to this time last year, as they struggle to meet today’s tax payments deadline.
Profits up for Scotland’s big firms, but down for most others as ABSs loom, survey finds
Scotland’s larger law firms saw a rise in profits last year despite a 11% dip across the profession as a whole, research has found. The Law Society of Scotland’s survey showed that average profits per equity partner fell from £72,000 in 2009 to £64,000 last year. It is the second consecutive drop, from a high in 2008 of £104,000.
City firms and Law Society back latest initiative to improve social mobility in the law
Three magic circle law firms are among the first to back an online initiative aimed at helping underprivileged youngsters break into the professions. Allen & Overy, Slaughter and May and Freshfields Bruckhaus Deringer have signed up to accessprofessions.com, a charity website which connects students aged between 13 and 21 with career-enhancing opportunities.
