Finance
Client bid to stop £33,000 repayment to law firm fails
A client who received a mistaken payment of £177,000 from a law firm and only paid back £144,000 has failed to overturn a judgment in default.
Appeal court rejects firm’s £4.5m claim over “missing referrals”
A personal injury law firm has lost its appeal against a High Court ruling that dismissed its £4.5m claim over referrals from an insurer that did not materialise.
Court of Appeal cuts QC’s £1m penalty for tax late payment
A QC fined more than £1m for the late payment of both income and inheritance tax over several years has had the sanction reduced by 80%.
Law firm insolvencies rising sharply, research finds
Insolvencies in the legal sector are set to double this year if trends seen in the first quarter of 2018 continue, indicating a possible downturn in the fortunes of law firms, it has been claimed. The figures also indicate that law firms may be waiting too long before seeking help.
Call for action as firm hit by big VAT demand for electronic property searches
The risk of solicitors being landed with hefty VAT bills for electronic property searches has become a reality for at least one law firm, which has now received a demand from HM Revenue & Customs for tens of thousands of pounds. It has heightened the call for the tax treatment of postal and electronic searches to be made consistent.
Payment processor replaces conveyancers in “UK’s first fully digital mortgage settlement”
A payment processor has taken the place of conveyancers in handling the finances on completion day in what has been claimed to be the UK’s first fully digital mortgage settlement. It could spell the end to clients waiting with the removal van in the afternoon for money to be transferred between lawyers.
Law firm finances creaking as falls in PI and conveyancing work take their toll
Small and mid-sized law firms need to accept that lower levels of profitability are becoming the “new normal”, it was claimed yesterday. Their income is also falling, with firms of 11-25 partners recording the biggest drop last year – 11% – compared to only 1% for sole practitioners.
Investigation of law firm accounts reports “tripled in two years”, impact report shows
The number of qualified accountants’ reports due to rule breaches has fallen by two-thirds since the rules were changed in 2015, but the amount then being investigated for possible rule breaches has tripled, it has emerged. A handful of them have led to regulatory action as a result.
Fees up but profits down as firms struggle with productivity, says report
Profit per equity partner is down by 10%, although other performance indicators are up, according to an influential benchmarking report of SME law firms, published today. However, although PEP was down – from £120,000 last year to £108,000 – median fees per equity partner were up by an inflation-busting 5.4% to £539,000 last year.
Large London firms embracing agile working and AI could cut collective £495m rent
Twice as many large City law firms had adopted ‘agile working’ policies by the start of 2018 as had a year earlier, and have been quicker than non-law businesses to embrace artificial intelligence technology, according to a survey about office use. Between them, the top 100 firms – when ranked by office floorspace in London – spend a total of £495m per annum on rent.
Blog
The rise of the agent
We believe AI agents are going to represent the biggest change to the way in which the general public interact with professional services business for generations.
The lonely role of a COFA: sharing the burden of risk management
Compliance officers for finance and administration in law firms can often find themselves walking a solitary path. But what if we could create a collaborative culture of shared accountability?
Mind the (justice) gap: Why are RTAs going up but claims still down?
The gap between the number of road traffic accident injuries and the number of motor injury claims continues to widen, according to the latest government data.
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