Tag Results
SRA unveils new draft of Handbook to govern both law firms and ABSs from October 2011
Wednesday, 20 October 2010The updated draft of the single Handbook that will govern both traditional law firms and alternative business structures from October 2011 is being unveiled today by the Solicitors Regulation Authority (SRA). This is the last opportunity to comment on it. The latest stage in the SRA’s move to outcomes-focused regulation also includes a call for the Legal Services Board to extend the definition of reserved legal activities to cover all “solicitor activities”.
Tags: ABS, Alternative business structures, conflicts of interest, Legal Services Board, outcomes-focused regulation, reserved legal activities, Solicitors Code of Conduct, Solicitors Regulation Authority
Posted in Alternative business structures, Legal Services Board, News, Solicitors
What do private equity firms want? It’s quite simple – money
Wednesday, 20 October 2010In the final part of his series on external investment in law firms, Jeremy Black of Deloitte explains that private equity firms have one goal – to make money – and briefly looks at the implications of raising funds through listing.
Tags: ABS, Alternative business structures, external investment, private equity, stock market listing
Posted in Alternative business structures, Market monitor, News
Falconer welcomes “delawyering” and “commoditisation” of personal injury work
Wednesday, 20 October 2010Personal injury claims and other low-value legal matters should be “delawyered” to some degree, former Lord Chancellor Lord Falconer has argued. The peer, who was the architect of the Legal Services Act, said alternative business structures would help in this process. Welcoming the “commoditisation” of personal injury work, he said it is “fundamentally a good thing that the market should only be charged what the service requires”.
Tags: ABS, Alternative business structures, personal injury, referral fees
Posted in Market monitor, News, Solicitors
Kinsella: no “big bang” but ABSs can be a strategic tool for good – and bad
Tuesday, 19 October 2010There will be no ‘big bang’ in legal services in the near future and if solicitors are waiting for it before deciding on their firm’s survival strategy, they risk being overtaken by events, a leading solicitor has warned. Neil Kinsella, managing partner of national law firm Russell Jones & Walker, also said that firms could be “dancing with the devil” by accepting private equity investment.
Tags: ABS, Alternative business structures, external investment, legal process outsourcing, private equity
Posted in Alternative business structures, Market monitor, News
What are you worth?
Tuesday, 19 October 2010In the fourth part of his look at external investment in law firms, Jeremy Black of Deloitte looks at the various methods to value equity stakes in law firms, which is not the easiest of tasks when it comes to law firms for various reasons.
Tags: ABS, Alternative business structures, external investment, valuation
Posted in Alternative business structures, News
Consumers “shocked” to discover not all legal services providers are regulated
Sunday, 17 October 2010There is widespread ignorance of the differences between legal services providers and consumers are shocked to discover not all of them are regulated, research commissioned by the Solicitors Regulation Authority has found. Consumers expect “all legal service providers to be appropriately skilled, qualified and regulated” and so distinguish between providers on such things as customer service and the quality of relationships.
Tags: ABS, Alternative business structures, reserved legal activities, Solicitors Regulation Authority
Posted in Marketing & PR, News, Regulation, Solicitors
Most firms “do not have balance sheet or systems” to attract external investors
Thursday, 14 October 2010Most law firms do not have the balance sheets or the systems to appeal to venture capitalists but those who can pull off deals may see some major benefits, it was claimed yesterday. Sara Hutton, a relationship manager at Royal Bank of Scotland, said venture capitalists would want a return of 20-30% and an exit in three to five years that is “reasonably visible” now, such as a flotation, management buy-out or trade sale.
Tags: ABS, external investment
Posted in Alternative business structures, Market monitor, News
Debt or equity – the best funding for you
Wednesday, 13 October 2010In the third part of his look at external investment in law firms, Jeremy Black of Deloitte looks at the kind of funding for you and what lessons there are from other professional services firms.
Tags: ABS, Alternative business structures, Slater & Gordon
Posted in Alternative business structures, News
Innovation nation
Tuesday, 12 October 2010Innovation has been on my mind of late. From the probate business I met last week that outsources legal work to an English solicitor working at an Australian law firm so that it gets done overnight, to Birmingham firm Blakemores and its stands in shopping centres, to the QualitySolicitors firm with branded and non-branded offices on opposite sides of the street.
Tags: ABS, Alternative business structures, marketing
Posted in Blog
So why would you need external investment?
Tuesday, 12 October 2010In the second part of his series looking at external investment in law firms, Jeremy Black of Deloitte looks at the good and not-so-good circumstances in which investment may be sought.
Tags: ABS, Alternative business structures, external investment, MDP, multi-disciplinary practice
Posted in Alternative business structures, News