Tag Archive | "abs"

The start of a landslide?


Manchester firm Pannone has confirmed that ‘substantial parts’ of its business are to be acquired by listed Australian firm Slater & Gordon for a total of £33m.

The acquisition announcement brings to an end months of speculation about the future of Pannone, which has around 200 lawyers of which 64 are partners. Read the full story

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New Law Society President


Mental health and human rights lawyer Lucy Scott-Moncrieff was inaugurated as the Law Society’s President at the beginning of July. She is the managing partner of Scott-Moncrieff and Associates LLP, a virtual law firm that undertakes legal aid work on behalf of vulnerable children and adults as well as privately paid work for individuals and businesses. Read the full story

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“You cannot override market forces…”


“You cannot override market forces …. We cannot secure your future for you, you must secure your own future.”
John Wotton, Law Society President, 17th October 2011

With these words, John Wotton made it very clear that the profession needs to start taking responsibility for itself in the business arena. Speaking at the Sussex Law Society Annual Conference, he said that many solicitors are very worried about the fundamental changes they are now facing and that he doesn’t have a crystal ball. “It would be wrong to say that everything will be fine”. He confirmed that Read the full story

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The ‘Big Bang’ of Alternative Business Structures


Justice Secretary Kenneth Clarke has expressed the hope that the advent of alternative business structures could have as dramatic an impact on legal services as the so-called ‘Big Bang’ of 1986 had on the financial sector.

He was speaking on Wednesday at the CityUK Future Litigation event held at the offices of Clifford Chance. He said: “As for domestic regulation, we are less than a month away from an historic change – the introduction of Alternative Business Structures on October 6 that will allow solicitors, barristers and other professionals to combine together in new ways, should they choose to, for the benefit of the consumer. Time will tell, but I hope that comparisons with the Big Bang in 1986 do not prove entirely fanciful.” Read the full story

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Delay for alternative business structures


6 October was the date on which the first alternative business structures (ABS) should have been able to open for business in the legal services market place in England and Wales. But now there has been a delay, and it will probably be at least the end of the year before non-lawyers can fully own and invest in law firms.

An ABS is a firm where a non-lawyer is a manager of the firm, or has an ownership-type interest in the firm. A firm may also be an ABS where another body is a manager of the firm, or has an ownership-type interest in the firm and at least 10 per cent of that body is controlled by non-lawyers. Under the proposed rules, ABS are not limited in the services that they can offer to the public. The Act is designed to Read the full story

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Regulation of Legal Services


Lord Hunt of Wirral was commissioned by the Law Society in October 2008 to advise on what was needed to establish best modern practice in the regulation of solicitors. His terms of reference were: Read the full story

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