Legal news

Government to expand ABS plans - 9 December 2015

The alternative business structure (ABS) market could be set to take-off, as the government announces new plans to make it easier for other businesses to offer legal services in England and Wales. The move comes after a recent study found

Lawyers still not cost-effective for small businesses, according to survey - 12 November 2015

A new survey by the Legal Services Board (LSB) has shown that only 13 per cent of small businesses believe lawyers “provide a cost-effective means to resolve legal issues”. The new report by the LSB also revealed that only 10

New care-free attitude to IHT could be misplaced - 12 November 2015

Increased IHT allowance is giving people a disproportionate sense of their freedom from liability, says a report that estimates one in three wills need to be rewritten. The additional nil rate band announced in the Summer Budget means that by

Private equity investors ‘indifferent’ to law firms - 12 November 2015

The head of one of the UK’s few law firms to secure private equity funding has said that financiers are losing interest in the legal services market. Colum Smith, chief executive of southern England firm McMillan Williams, said that other

Lending boost to law firms - 19 October 2015

Bank lending to UK law firms has jumped to £7.35bn – a rise of 28 per cent – in the last five years, according to research. LDF, the finance provider that conducted the study, says the boost comes as practices

Minister says high fees pose obstacle to justice - 19 October 2015

Justice Minister Lord Faulks has said that lawyers’ costs posed just as big an obstacle to people conducting litigation as court fees. Speaking during a meeting at the Conservative party conference, Lord Faulks said he accepted that there was  ‘anxiety’

Mortgage lending restrictions hit small law firms - 19 October 2015

Small firms who offer conveyancing service face additional pressure after mortgage lenders adopt new criteria to control the membership of their conveyancing panels. The Law Society Gazette has reported that Metro Bank and Newcastle Building Society are among a number

Pay gap for male and female lawyers to close by 2021 - 12 August 2015

According to a survey carried out by Laurence Simons – the legal and compliance recruitment firm – average pay packages for female lawyers in the UK are rising, though men still receive bonuses that are 66 per cent higher than

Firms need to tighten anti-money laundering checks, says regulator - 12 August 2015

The Solicitors Regulation Authority (SRA) has said that it has been forced to make repeat visits to some firms over concerns about the potential for money laundering. In its latest risk report the SRA identified inadequate systems and controls over

The cost of borrowing may go up if law firms abandon client accounts - 12 August 2015

A joint report by the UK’s legal regulators has revealed that law firms may be charged more by banks to borrow money if they stop using client accounts. The report submitted to justice minister Shailesh Vara by the Legal Services Board