Legal Services Act
Competition hots up with accountants set for rights to conduct litigation and advocacy work
Accountants are set to enjoy the right to handle litigation, advocacy and legal instruments in taxation work after the Legal Services Board approved an application by the Institute of Chartered Accountants in England and Wales. Its recommendation will now go to the Lord Chancellor for approval, despite the opposition of the Lord Chief Justice.
“Weak competition” and legal culture behind lack of external investment through ABS, says LSB report
The low level of external investment in law firms since alternative business structures were allowed more than five years ago “may be a symptom of weak competition in the market overall”, a Legal Services Board report has suggested. There are also cultural and management factors, it found.
ABSs making their mark in £22bn legal market, report finds
Alternative business structures account for just 5% of all law firms but nearly 12% of total turnover in a market worth £22.3bn, the annual snapshot of the solicitors’ profession has shown. It also revealed that women will become the majority of practising solicitors this year.
Hudgell lines up yet more deals as it targets continued growth in troubled PI market
Hudgell Solicitors – the personal injury firm that publicised its willingness to buy firms, departments and files through the website webuyanyfiles.com – has another three transactions in the wings, which will take it to 35 deals since the Jackson reforms were implemented in 2013.
Exclusive: Online divorce business acquires family law firm
Online Legal Services Ltd – the company that runs the pioneering Divorce-Online website – has acquired south Wales family law firm Peter Thomas Law, Legal Futures can reveal. It will enable Divorce-Online to capture the work arising from more complex divorces that is currently outsourced to other solicitors.
Direct access chambers and specialist financial services set launch BSB ABSs
A ‘virtual’ chambers that supports direct access work has set up an alternative business structure, as has a niche financial services chambers, which become the second and third to be regulated by the Bar Standards Board. It licensed its first ABS, a collaboration between a London chambers and football agents, earlier this month.
Flexible resourcing business for in-house teams and law firms hits 1,000 lawyers
Obelisk Support – the outsourcing business that uses former City solicitors to provide temporary support services to in-house teams and law firms – has hit the 1,000-lawyer mark. Set up in 2010, it has doubled in size in less than three years and founder Dana Denis-Smith said she hoped to do so again in the next two years.
National Accident Helpline plots second ABS joint venture
NAHL plc – the AIM-listed owner of National Accident Helpline – has lined up a second alternative business structure joint venture as it bids to double the cases it handles over the coming years, it has emerged in the wake of last week’s announcement of its first, Your Law, in association with NewLaw Solicitors.
From leads to legal advice: National Accident Helpline sets up ABS
NAHL, the marketing business that owns National Accident Helpline, is to launch its own law firm after being awarded an alternative business structure licence and signing a deal with Cardiff-based NewLaw Solicitors. It will trade under the name Your Law LLP and is expected to start business on 1 July.
Gateley share price reaches all-time high as it indicates strong annual results
Turnover at the country’s first listed law firm, Gateley, has gone up by at least 15% in the last financial year, it announced to the stock exchange today as its share price reached an all-time high. It said revenue for the financial year ended 30 April 2017 will be not less than £77m, up from £67m the previous year.
