Practice Management

Solicitors will be able to close down thousands of client accounts with residual balances of up to £500 and donate the money to charity under plans unveiled yesterday by the Solicitors Regulation Authority. The regulator is also planning to end the annual ‘keeping of the roll’ exercise.

The referral fee ban has reduced the number of nuisance calls made to potential personal injury claimants, the government has claimed. It is also looking to increase its powers over claims management companies yet further so that it can fine them up to 20% of their turnover.

The UK’s top law firms have become increasingly sceptical about listing on the stock market or taking on private equity investment, according to new research.

Irwin Mitchell has signalled its intention to grow “substantially” in the coming years after securing a £60m four-year finance package with three major UK banks. The deal also includes a £30m ‘accordion’ facility for further finance if required for a big transaction.

Profits were up last year and confidence is buoyant for the coming year among small and medium-sized law firms, according to a major benchmarking survey. Nine out of 10 firms surveyed thought profits would increase during 2014.

Manchester firm Linder Myers has avoided administration by completing a deal which will see the firm refinance its debts and appoint a chief executive to lead the practice.

A global law firm has been knocked back by a judge quoting Karl Marx, after seeking a waiver from the Isle of Man Law Society’s indemnity insurance requirements.

A website that connects the public directly with barristers is the latest legal business to seek crowdfunding after it launched a bid to raise £150,000 in expansion capital. The site, myBarrister, wants to sign up 1,000 barristers by the end of the year.

A groundbreaking online dispute resolution (ODR) service is gearing up for live trials of its expanded 2.0 version, which will initially offer an end-to-end legal support package for divorcing couples.

The Chancellor George Osborne yesterday confirmed that there would be no delay in introducing the changes to the way LLPs are taxed, which has left many firms seeking funding for capital contributions.

Solicitors have been warned to be on alert for scam e-mails that appear to come from the Law Society and have attachments that potentially contain a virus. It follows the recent phishing attack using e-mails that looked as though the SRA had sent them.

A significant earnings gap has opened up between solicitors working in the south of England and those in the North in a surprise reversal of fortunes, according to a survey. It also found the gender pay gap widening, with women’s salaries averaging 30% less than men’s.

The Treasury has said last week’s House of Lords committee report calling for partnership tax changes to be delayed was already out-of-date, and confirmed they would come into force next month as planned.

The president of the Supreme Court, Lord Neuberger, has thrown his weight behind career judges as a way of improving diversity in the judiciary. He also bemoaned companies that choose to instruct “obsessive, testosterone-driven men rather than balanced, sensible women”.

Leading London law firm Withers has been ordered to pay £1.6m in damages after the High Court upheld a claim of professional negligence over the drafting of an LLP agreement.