Solicitors innocently caught up in mortgage fraud liable for whole loss
Solicitors innocently caught up in frauds on mortgage lenders can find themselves liable for the whole loss if they release funds before receiving documents needed to prove title, even if the lender is negligent.
Lawyers “markedly” worse at business development than other professionals
Law firms are “markedly” worse at business development and client management than other professional services practices, research has found. The study also revealed that just 58% of lawyers who should be involved in business development at their firms actually are, far lower than other professionals.
BSB to toughen up equality rules as research shows solicitors have a way to go too
Concerns over a worsening diversity picture at the Bar have prompted the Bar Standards Board to consider making aspects of its guidelines on diversity mandatory. The news came as research published by the Law Society showed that significant obstacles still face women and ethnic minorities in accessing the upper reaches of the solicitors’ profession.
Edmonds: cut length of legal education to shrink student debt
Growing student debt means the length of time would-be lawyers spend studying needs to shrink, the chairman of the Legal Services Board has declared. David Edmonds also floated the idea of adopting the accountants’ training model, in which professional training takes place during full-time employment, while appearing to throw cold water on the idea of aptitude testing for students before they begin postgraduate legal education.
Thomson Reuters moves into LPO as Susskind’s prediction starts to come true
Professor Richard Susskind’s prediction that law firms could find themselves competing with legal publishers moved a step closer to reality today after Thomson Reuters moved into legal process outsourcing by acquiring ambitious provider Pangea3.
Regulators set out terms of training review
The three biggest legal regulators have set out the terms of their two-year joint review of education and training. The review – being undertaken by the Solicitors Regulation Authority, the Bar Standards Board and ILEX Professional Standards – will examine the educational requirements placed upon individuals entering the sector and their regulatory function.
TV’s Sarah Beeny backs ABSs but warns of challenges to firms and regulators
TV property guru Sarah Beeny has welcomed alternative business structures as a “positive step forward” so long as they deliver increased choice, lower prices and better service for consumers – but warned that their regulation must be robust to maintain standards.
“Out of step” Bar throws spanner into workings of ABS disciplinary regime
The Bar is “out of step” with fellow regulators over its operation of the criminal standard of proof in its disciplinary tribunal, a Bar Standards Board meeting in London was told yesterday, potentially causing problems with the admissibility of regulators’ disciplinary findings in the post-ABS world. Meanwhile, the board also argued about the strength of the disciplinary sanction for failing to meet continuing professional development requirements.
Edmonds to back regulators’ education and training review as LSB role is curbed
Legal Services Board (LSB) chairman David Edmonds will tomorrow back a review of legal education and training but warn that he expects it to be far-reaching, Legal Futures has learned. However, we understand that the LSB had originally planned to conduct the review itself, but has been persuaded to let the Solicitors Regulation Authority, Bar Standards Board and ILEX Professional Standards take the lead under the LSB’s oversight.
Scots look to hit back at lender panel culls by banning joint representation
Solicitors in Scotland could be banned from acting for both lender and borrower as the profession looks to hit back at firms being thrown off lender panels, it has emerged.
