Recent statistics have revealed that the legal sector has defied predictions of a slowdown. Data from the Office for National Statistics has revealed that turnover for the legal sector for July was £3.7bn, an 8.3% increase from July 2021 (£3.4bn) and a 2.2% increase...
Recent sector research has found that the biggest challenge facing in-house legal teams is managing risk whilst prioritising large volumes of work. It is important to note that this was a global survey formed of 169 legal, risk and compliance professionals. Over 20%...
Towards the end of 2021 the SRA announced that they were proposing an increase in fining powers from £2,000 to £25,000. In addition, the regulator announced the development of a new fast track system for ‘fixed penalties’ for low-level offenses. It was recently...
The SRA has proposed to end the provision of post-six-year run-off cover because they judge the protection as disproportionately expensive. Run-off cover is insurance for claims made against a law firm after it has stopped doing business. This change would mean that...
The SRA is proposing a major increase in their fining powers and has developed a new fast track system for ‘fixed penalties’ for low-level offenses. The SRA has begun a consultation on increasing the maximum fine they can issue to law firms from £2,000 to £25,000. In...
The government has published draft legislation outlining how they aim to change the current rules for taxing partners in cases where the partnership’s year-end does not fall on 31 March or 5 April. What changes are being proposed? Partners will be taxed on the...
In December 2018 the Solicitors Regulation Authority (SRA) brought in the transparency rules. Firms were required to publish price and service information for particular services on their website. These rules were brought in by the SRA to ensure potential clients had...
The Solicitors Regulation Authority (SRA) has recently conducted a survey of 3,539 users of legal services. The survey found that only 10% of consumers believed that solicitors were an unaffordable option once they had accessed information on price. This figure was...
Government Announces £3.1m Funding Plan for Litigants in Person The Ministry of Justice (MOJ) and the Access to Justice Foundation have worked together on a joint initiative to provide a grant worth £3.1 million to support litigants in person, (a person, company or...
Revenue rebound for Law Firms Legal revenues increase by 19.5% in June The latest figures from the Office for National Statistics indicate that revenues in the UK legal industry jumped by 19.5% in June compared to May. It should be noted that May is normally among the...
Law Firms Confidence Increasing over Long-Term Workload It may come as a surprise to some that a recent report has suggested that, even in this difficult economic period, a third of law firms remain confident about their future workloads. These firms believe the...
Smaller law firms hardest hit by lockdown The legal sector has held up fairly well compared to the wider economy with revenue down by just 5% in April according to official statistics. However, experts caution we have not yet seen the full impact of the pandemic. A...