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A “transfer market” of law firm chief executives should emerge in the post-Legal Services Act world, Professor Stephen Mayson has predicted, especially if lenders and investors insist on appointing their own choice of management team as a condition of their financial support.

Law firms are not doing enough to train staff in risk and compliance matters, a leading expert on partnerships has warned – adding that practices must “get their houses in order by October 2011” to be ready for the new regulatory requirements.

Clients are expressing much more concern about the way the largest UK law firms are managing risk than before – and than the firms’ own lawyers, a survey has found. While just 21% of lawyers perceived risk management to be a “key priority”, 47% of clients thought it was.

The Law Society is considering a scheme to shore up the position of compliance officers who could find themselves personally exposed under the Solicitors Regulation Authority’s (SRA) proposed handbook. Chief executive Des Hudson also raised concerns over the SRA’s progress towards outcomes-focused regulation.