CMCs warned over major ABS hitch amid call to close referral fee ban "loophole"
Claims management companies looking to create legal arms as ABSs could fall foul of Solicitors Regulation Authority rules, a former SRA director has warned, while a leading insurance lawyer cautions over a loophole in the referral fee ban.
Mid-sized firms need to be bigger and would accept external cash, says survey
A large majority of partners at mid-sized law firms believe their practices need to grow by at least a third over the next three to five years to remain competitive, with many open to the idea of external investment, a recent survey has shown.
Exclusive: DLA Piper invests in prospective ABS targeted at legal advice for businesses
Top City law firm DLA Piper has invested in a prospective alternative business structure (ABS) that promises to introduce a “market-disrupting” new approach to providing businesses with legal advice, Legal Futures can reveal.
Clients "will head to brands" but independent lawyers can still forge a future
Clients will in future gravitate to trusted brands but independent lawyers can continue to play a major role in providing legal services if they take the necessary steps, leading figures from five law firm networks have predicted.
High Court winds up "objectionable" will-writing businesses
Three companies involved in the provision of will and trusts were wound up in the High Court last week, following an investigation by Company Investigations, part of the Insolvency Service. They used telesales staff to cold-call consumers to persuade them to accept a home visit.
SRA in “serious discussions” with 15 would-be ABSs
The Solicitors Regulation Authority (SRA) is in “serious discussions” with just 15 potential alternative business structures (ABSs), it has emerged. According to the SRA, six different types of organisation have so far shown official interest in becoming ABSs.
MPs call for wider referral fee ban and power to force data audits of law firms
The ban on referral fees should not be limited to personal injury, a committee of MPs has said. It also called for the Information Commissioner to have the power to compel audits of law firms to check for breaches of the Data Protection Act.
Indemnity insurers face obligation to keep quotes open and provide credit rating
Professional indemnity insurers will have to leave quotations open for at least five days and provide information about their credit ratings under plans being considered by the Solicitors Regulation Authority. Voiding policies is also back on the agenda.
Government lays out how it will ban referral fees
The government has set out how it intends to ban referral fees in personal injury, but has included a get-out if the payment is made “as consideration for the provision of services”. Its draft rules also allow the Lord Chancellor to ban referral fees in other areas of practice.
Ofcom raps ITV for allowing star to promote QualitySolicitors live on air
Ofcom has found ITV in breach of its code for allowing TV personality Amanda Holden to promote QualitySolicitors on the day she launched its tie-up with WH Smith. The network broke the rules on promoting services and on giving them undue prominence in programming.
