Tag Results
Size matters – when it comes to indemnity insurance premiums at least
Wednesday, 20 July 2011Size, claims record and changes to the number of fee-earners are the factors that influence law firms’ professional indemnity insurance premiums, not practice area or ethnicity, Law Society research has found. A review of the 2010 renewal season found that smaller firms found their premiums going up the most, as did those with a claims history in the previous 12 months.
Tags: Law Society, professional indemnity insurance, Solicitors Regulation Authority
Posted in Indemnity insurance, News, Solicitors
Barristers and solicitors continue battle over role of judges in advocacy assessments
Wednesday, 20 July 2011The Bar has launched a last-ditch bid to focus the criminal advocates’ quality assurance scheme on judicial evaluation and steer it away from the alternative assessment centre route favoured by solicitors. Despite lobbying from solicitor groups, the SRA has confirmed its support for the scheme.
Tags: advocacy, Bar Council, bar standards board, ILEX Professional Standards, Joint Advocacy Group, Law Society, Legal Services Board, QASA, Quality Assurance Scheme for Advocates, Solicitors Regulation Authority
Posted in Barristers, Legal Executives, News, Solicitors
The ABS blame game
Monday, 18 July 2011There will no doubt be some finger pointing after our revelation today that the Solicitors Regulation Authority will not be in a position to start licensing alternative business structures on 6 October. Those with business plans worked up on the basis of 6 October will be rightly annoyed, and it hardly sends out an impressive signal.
Tags: ABS, Alternative business structures, Council for Licensed Conveyancers, Legal Services Board, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in Blog
Exclusive: SRA will not start regulating ABSs on 6 October
Monday, 18 July 2011The Solicitors Regulation Authority will not be able to start regulating alternative business structures on 6 October, Legal Futures can reveal. Further, the question of whether prospective non-lawyer investors in ABSs will have to reveal all convictions, even if they are spent, remains unresolved and could stop the SRA licensing ABSs with external ownership.
Tags: ABS, Alternative business structures, Solicitors Regulation Authority
Posted in Alternative business structures, Market monitor, News, Solicitors
BME solicitors still face disproportionate amount of regulatory action, SRA admits
Friday, 15 July 2011Black and minority ethnic solicitors continue to figure in a disproportionate number of regulatory actions, the Solicitors Regulation Authority has admitted. It is occuring across key areas such as interventions, referrals to the Solicitors Disciplinary Tribunal and the imposition of practising certificate conditions.
Tags: equality and diversity, OFR, outcomes-focused regulation, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in News, Solicitors
FSA: new rules could force ABSs providing financial services advice out of the market
Wednesday, 13 July 2011Solicitors who offer financial services and plan to become alternative business structures could be forced out of the market by plans to plug a gap in consumer protection created by the Legal Services Act, the Financial Services Authority has admitted.
Tags: ABS, Alternative business structures, Financial Services Authority, Legal Services Act, Solicitors Compensation Fund, Solicitors Regulation Authority
Posted in Alternative business structures, News, Solicitors
Even good firms will see 10% rise in insurance premiums this year, says top broker
Tuesday, 12 July 2011Indemnity insurance premiums for law firms with no new claims and no significant change in circumstances are still set to rise 10% this year, a leading broker has warned. Predicting a “tough” 2011, Lockton also called for a “fundamental review of the whole conveyancing process”.
Tags: assigned risks pool, professional indemnity insurance, Solicitors Regulation Authority
Posted in Indemnity insurance, News, Solicitors
138 law firms in the ARP close down as solicitors face bankruptcy action
Monday, 11 July 2011Some 138 law firms have closed after entering the assigned risks pool in the past two years, while solicitors who do not pay their ARP premiums are being pursued into bankruptcy, the Solicitors Regulation Authority has reported. Most of the firms (119) shut through an orderly wind-down, while 19 were closed by an SRA intervention.
Tags: assigned risks pool, Association of British Insurers, BME, intervention, professional indemnity insurance, Solicitors Regulation Authority
Posted in Indemnity insurance, News, Solicitors
SRA reports “strong interest” from potential overseas investors in ABSs
Friday, 8 July 2011The Solicitors Regulation Authority has already received “strong interest” in ABS investment from abroad and from non-English law firms that want to use the structure, it has revealed. They includes one of China’s largest law firms.
Tags: ABS, Alternative business structures, Solicitors Regulation Authority
Posted in Alternative business structures, Market monitor, News, Solicitors
PC fee set to fall more than expected
Friday, 8 July 2011The cost of a solicitor’s practising certificate is set to fall 23% this year – even more than anticipated – we can reveal. Meanwhile, the SRA is to be given the power to ensure that ABSs cannot manipulate their turnover to reduce the fees they have to pay to operate.
Tags: ABS, Alternative business structures, Law Society, Legal Services Board, practising certificate fee, Solicitors Regulation Authority
Posted in News, Solicitors