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The practising certificate fee is set to fall by 16.7% to £350 in the coming year, it has emerged. The news comes as the Solicitors Regulation Authority should tomorrow approve provisions that will allow it to amend an alternative business structure’s turnover figure – upon which the SRA’s fees will be based – if it feels the number does not reflect the true value of the legal services provided.

In-deed, the new online conveyancing business, could use the cash it raises from an AIM listing to inject capital into its panel law firms, it has emerged. The company hopes to float next month, with a market capitalisation projected at around £9m.

New entrants to the legal services market after October could have a significant advantage because they arrive with a fresh approach to IT, according to a leading commentator. Charles Christian said IT is at a “tipping point” where technology currently used by law firms is about to be superceded.

Clients of law firms that provide retail financial services advice and convert to become alternative business structures could find themselves without access to a compensation fund or the firm’s professional indemnity insurance because of a hole in the Legal Services Act, it has emerged.

The magic circle firms could be worth £6.7bn if they went public – equivalent to £3.9m for each partner – the first stockbroker assessment of the viability of law firm listing has estimated. An analyst note from Peel Hunt LLP said there is “a real economic case” to be made for public market listing.