Latest news – Page 681
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News
Legal Ombudsman delays complaints publication
Publication of complaints made to the Legal Ombudsman about solicitors has been deferred, the Gazette can reveal. The ombudsman (LeO) had intended to collate all complaints from the first quarter of the 2012/13 financial year to post firm-by-firm details online this month. But the LeO’s office ...
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SRA outlines ‘race bias’ action plan
The Solicitors Regulation Authority has reasserted its commitment to transparency in regulatory decision-making following allegations of discrimination against black and minority ethnic (BME) lawyers. Following talks with its External Implementation Group (EIG), which represents minority and BME practitioners, the regulator has drawn up a list ...
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Company markets 'first criminal legal insurance policy'
A criminal barrister has formed a company to market what he says is the UK’s first criminal legal insurance policy. For an annual premium of £29.99, the policy provides up to £20,000 worth of cover for a defendant’s means-tested Crown court legal aid contribution or their privately funded legal fees.
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Law Society steps up pressure on Fiji
Fiji’s continued refusal to allow foreign scrutiny of its rule of law has come under public criticism from outgoing Law Society president John Wotton. Wotton’s move follows the publication of a highly critical report by the Law Society Charity, first revealed in the Gazette.
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Barclays ‘faces $6bn in Libor scandal claims’
Barclays Bank Plc could face claims totalling $6bn globally following revelations that staff members were involved in the manipulation of the London inter-bank offered rate (Libor), the Gazette has learned.
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IFA rule under scrutiny
The Solicitors Regulation Authority has signalled that it is likely to scrap the requirement for lawyers to refer clients only to wholly independent financial advisers, as opposed to advisers contracted to sell the products of one or more providers.
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Society plans accreditation scheme for will-writing
The Law Society is to launch a will-writing and probate accreditation scheme along the lines of its Conveyancing Quality Scheme, it emerged last week in a speech by the chief executive. The speech also contained calls for solicitors to exploit the potential of will banks ...
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Top-100 annual results show PEP up by 8%
The first batch of top-ranking law firms to publish annual financial results for 2011/12 have reported average growth in profit per equity partner (PEP) of 8% (see table below). However, this figure masks wide variations in trading performance which have also been complicated by merger activity.
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Indian call for legal liberalisation
India’s top law firms and largest companies are desperate for the country’s legal market to be liberalised, according to new research. A YouGov poll, in association with magic circle firm Allen & Overy, found near-unanimous agreement among more than 300 Indian legal stakeholders. In total, 96% ...
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News focus: who will bring a Libor claim?
Investment bank Liberum Capital estimates that Barclays global exposure to claims arising from staff’s manipulation of the Libor rate could be $6bn - just over a quarter of the bank’s value.
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Review of super-regulators calls for more openness
The Legal Services Board and the Office for Legal Complaints should open their board meetings to the public and publish all items of spending over £500, a Ministry of Justice Review has recommended. The report of the first triennial review of bodies established under the 2007 ...
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Wills and probate company goes ABS
Birmingham wills and probate company Northwood Banks & Co has become the second company licensed as an alternative business structure (ABS) by the Council for Licensed Conveyancers (CLC). The firm, which since 1987 has provided will writing and probate services, has now been licensed to ...
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PC fee up 5%, Law Society council agrees
The Law Society council today approved a practising certificate fee increase of £16 for 2012/13. The fee for each solicitor will rise from £328 to £344. Individual Compensation Fund contributions rise from £60 to £92. The contribution for firms will increase from £722 to £1,340. ...
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Society advice on SRA diversity data
The Law Society has published a practice note to help firms and sole practitioners comply with regulatory new requirements to collect data on the diversity of their workforce. Data to be reported include job status and role as well as age, gender, disability, ethnicity, religion ...
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NHS reveals £1bn litigation bill
Spending by the NHS Litigation Authority on negligence claims has passed the £1bn mark for the first time. Annual accounts for the 2011/12 financial year show that £1.095bn was spent on clinical claims by NHS trusts, foundation trusts and primary care trusts in England. A further ...
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Solicitor shooting: man charged
A man appeared in court today charged with attempting to kill a Wiltshire solicitor. Michael Chudley, 62, from Rowde, Wiltshire, was also charged with threats to kill, possession of a firearm with intent to cause fear of violence and carrying a firearm with criminal intent. At ...
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Merger mania continues as 22% of firms report tie-ups
Merger activity has remained strong among small and medium-sized firms, with nearly a quarter completing a merger in the past six months, research has revealed. The fifth in a series of six-monthly surveys of 50 law firms has shown that 22% had completed a merger in ...
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Simmons and Ashurst report higher profits
Simmons & Simmons and Ashurst have today become the latest top-100 firms to post robust trading results.
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A&O profits steady
More than 400 partners at Allen & Overy will earn at least £640,000 this year, the firm revealed as it kicked off the magic circle reporting season today. Allen & Overy’s results for the year ending 30 April show profits up by 7% to £486m on ...