Market monitor

Sole practitioners have overtaken small firms with two to four partners in terms of profit per equity partner, a survey has found. Sole practitioners also led the way in fee income growth compared to larger firms.

A major London-based legal charity has shut its doors due to a worsening financial position, not long after unveiling ambitions for greater national coverage and digital services.

MPs on the justice select committee have been urged to press the Ministry of Justice for information about the development of the small claims portal to be made public.

Keystone Law today announced annual results “comfortably ahead of market expectations” as its share price continues to soar, having more than tripled in the 18 months since it listed on AIM.

DWF has made its first acquisition since becoming a listed law firm, buying Polish practice K&L Gates Jamka for an estimated net asset value of £3m.

David Gauke, the justice secretary, delivered an upbeat assessment this morning on his chances of boosting the Ministry of Justice budget after huge cuts. He also spoke about raising the judicial retirement age.

A large majority (77%) of consumers are more likely to use law firms that publish their fees online, a major survey has found. A smaller majority (58%) would be prepared to use freelance solicitors.

Giving staff equity participation is proving a better way to run a law firm than doling out standard bonuses, listed practice Rosenblatt said today as it announced its first results since going public.

The Treasury expects insurance companies will be already be monitoring savings from the personal injury reforms set out in the Civil Liability Act and the new regime for calculating the discount rate.

A specialist litigation law firm with support from an external backer that means it can fund cases itself goes live today as an alternative business structure, Legal Futures can report.

A pioneering shared legal service providing advice to seven councils in the East Midlands is set to create the latest local authority alternative business structure.

The recent cash injection into Plexus Law is “an entirely different deal in entirely different circumstances” from its failed first foray into private equity backing, its chief executive has said.

The UK has been “dependent on the EU” for the liberalisation of legal services around the world and will struggle to match this post-Brexit, MPs have been warned.

The legal sector is “riddled with poverty pay and huge wage inequality and junior workers are bearing the brunt”, a trade union has claimed as it bids to attract members from across the legal sector

Last year saw solid real-terms growth for mid-sized law firms, with median growth of 4.2% the result of increased fee income rather than simply more fee-earners, new figures have shown.