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...
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...
During this difficult time Hawsons are here to help and support their clients as best they can The Government has announced new measures to help businesses through this difficult time. The first being the tax helpline to support businesses affected by coronavirus. If...
Bank of England Update for Businesses and Households During this difficult time for businesses and households, the Bank of England has put together a list of sites where you can find the latest updates from the Government. The following has been circulated by the bank...
Legal Services and the future of the UK Economy The Law Society has recently pushed for Brexit negotiators to make legal services one of their priorities in upcoming trade discussions. This is after a recent report demonstrated that legal services put more money into...
Hawsons Chartered Accountants turned 165 years old in 2019 Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John...
Tax implications of the Election Result The general election has ended and the Conservatives have secured a large majority winning 365 seats. What does this mean for tax? How will the election result affect you or your business? Tax expert Craig Walker provides a...
The final text of the new EU General Data Protection Regulation (GDPR) was released in April 2016. Since this deals with the handling of personal data it is likely to apply to almost every law firm as you will hold personal information regarding your clients and staff...