Tag Results
SRA to consider compulsory ethics training for all solicitors as it plans major CPD review
Tuesday, 1 February 2011Ethics training could become a compulsory element of solicitors’ continuing professional development as part of a fundamental review to be conducted by the Solicitors Regulation Authority, Legal Futures has learned. The review – described by the SRA as “overdue” – will look to ensure that CPD “works in the new world of alternative business structures and outcome-focused regulation”.
Tags: ABS, Alternative business structures, continuing professional development, CPD, ethics, OFR, outcomes-focused regulation, Solicitors Regulation Authority
Posted in News, Solicitors
Profits up for Scotland’s big firms, but down for most others as ABSs loom, survey finds
Monday, 31 January 2011Scotland’s larger law firms saw a rise in profits last year despite a 11% dip across the profession as a whole, research has found. The Law Society of Scotland’s survey showed that average profits per equity partner fell from £72,000 in 2009 to £64,000 last year. It is the second consecutive drop, from a high in 2008 of £104,000.
Tags: ABS, Alternative business structures, Scotland
Posted in Finance, Market monitor, News
£150m limit for fines against ABSs is not high enough, says SRA
Wednesday, 26 January 2011The miners’ compensation scandal shows that a maximum fine of £150m for misconduct or non-compliance by alternative business structures is too low, the Solicitors Regulation Authority has warned. With new entrants set to enter the legal market after 6 October, it was “perhaps dangerous to rely too heavily upon turnover figures in the current market to assess appropriate fining powers”.
Tags: ABS, Alternative business structures, Legal Services Act, Legal Services Board, Solicitors Regulation Authority
Posted in Alternative business structures, Legal Services Act, Legal Services Board, News, Solicitors
The themes of 2011, part 3 (and that’s it)
Friday, 21 January 2011With January running out, it really is time to stop doing 2011 lists, so here is the last instalment of themes I expect to pervade Legal Futures’ coverage during this year. This time I look at legal services and the web, outsourcing in all its many guises, and the changing face of litigation practice.
Tags: ABS, Alternative business structures, Jackson report, legal process outsourcing, LPO, Online Legal Services, outsourcing
Posted in Blog
Don’t use external investment to strip value from firms, partners warned
Thursday, 20 January 2011Partners in law firms that receive external investment after October will alienate younger colleagues if they appear to be stripping the firm of value for future generations, a report has warned.
Tags: ABS, Alternative business structures, external investment, partnerships
Posted in Alternative business structures, hrtraining, News
Consumer panel backs separate business rule with dig at the Co-op
Wednesday, 19 January 2011Law firms and alternative business structures should not be allowed to dodge regulation by establishing separate businesses to handle unreserved work, the Legal Services Consumer Panel said this week. The panel also appeared to rebuke Co-operative Legal Services – whose stated intention is to be one of the first ABSs – for calling for freedom in how businesses choose to provide unreserved work.
Tags: ABS, Alternative business structures, Legal Services Consumer Panel, reserved legal activities, separate business rule, Solicitors Code of Conduct, Solicitors Regulation Authority
Posted in Alternative business structures, Consumer panel, News, Solicitors
Keeping control – managing the regulatory risks of outsourcing
Monday, 17 January 2011In the first of a two-part article, Duncan Finlyson of Legal Futures Lawyers Defence Group investigates the reasons for law firms to outsource certain functions and the regulatory issues that they throw up.
Tags: ABS, Alternative business structures, legal process outsourcing, outsourcing, Solicitors Regulation Authority
Posted in News, Outsourcing
The themes of 2011, part 1
Friday, 14 January 2011It is hard to resist the journalist’s natural inclination at this time of the year to fill space with predictions for the year ahead. But 2011 is a hard year to predict – 6 October is unlikely to be the big bang so beloved of headline-writers over the years (myself included), although undoubtedly some organisations will seek first-mover advantage by making announcements that day.
Tags: ABS, Alternative business structures, bar standards board, equality and diversity, Legal Services Board, Solicitors Regulation Authority
Posted in Blog
ABSs to face fines of up to £150m
Friday, 24 December 2010Alternative business structures face a fine up of to £150 million for misconduct or non-compliance, with a figure of £50 million for individuals working within them, under plans released by the Legal Services Board (LSB). The LSB said such large figures “will have strong deterrence in the market and avoid situations where any entity or individual may consider ‘pricing in’ non-compliance”.
Tags: ABS, Alternative business structures, Legal Services Act, Legal Services Board
Posted in Alternative business structures, Legal Services Board, News
The challenge for QualitySolicitors
Wednesday, 22 December 2010The news that QualitySolicitors (QS) had bought 10,000 TV advertising slots in November was met with disbelief by my marketing director: ‘In one month? Impossible – there’d be no room for the programmes!’
Tags: ABS, Alternative business structures, QualitySolicitors
Posted in Blog