News

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Many accountants are failing both to qualify their reports and to blow the whistle on solicitors’ wrongdoing, the chairman of the Institute of Chartered Accountants of England and Wales’ solicitors group said last week. Only 35% of accountants’ reports are qualified – despite the intricate nature of the rules – while hardly any accountants have blown the whistle a year after the rules were changed to require it.

Law firms currently in the assigned risk pool (ARP) have paid just 22% of their insurance premiums, while insurers are rapidly increasing the reserve for claims these firms may cause, it has emerged. The 262 firms currently in the ARP were liable for £7.5 million in premiums – both record figures – of which just £1.7 million has been paid.

The Law Society has told the 2,911 law firms which have their professional indemnity insurance with Quinn that they do not need to take action at the moment, despite a warning that they may have to seek fresh cover within four weeks of the company’s provisional administration being confirmed.

With the Legal Services Act reforms on the horizon, Colin Loth, Manager of Legal at international recruitment consultants Badenoch & Clark, discusses the impact the Act will have on the job market and talented legal professionals.

This week’s SRA Question of Ethics looks at what you should do if a client leaves you with an item which you think would be relevant to a police investigation. Should you had it over to the police?

The first barrister to become a partner in a legal disciplinary practice is a consumer credit specialist in the West Midlands, Legal Futures can reveal. Portia O’Connor, who practises from her own chambers in Birmingham, Pegasus Chambers, set up Pegasus Legal Research in conjunction with solicitor Sameena Kauser.

A majority of consumers expect good law firms to offer their services online in the next couple of years, a survey of over 2,000 people has shown. It also showed that nearly half of consumers would be more likely to choose a firm that offered online access.

ILEX Professional Standards (IPS) is to seek conveyancing and criminal advocacy and litigation rights for legal executives, it has emerged. It forms part of IPS’s plan to become a regulator of alternative business structures.

Legal Futures Editor Neil Rose recently edited ‘Legal Efficiency’, a supplement published by The Times covering a range of key issues facing the profession as it moves into a new era. This is his article on the likely implications of alternative business structures

The Bar Standards Board has fired a warning shot across the bows of its solicitor counterpart, warning that “there will be instances where outcomes-based regulation is likely to be inadequate on its own, even if supplemented by guidance”.