ABS News and Analysis
Nottingham Trent’s law school has become a ‘teaching law firm’ with the grant of Alternative Business Structure (ABS) status.
Across the personal injury (PI) claims market firms are feeling the force of the fixed-fee system first brought about by the Jackson reforms. Profit margins are under attack.
Riverview Law entered the market in a blaze of publicity. Growth has been rapid and now the legal service provider is banking on the use of artifical intelligence to put it ahead of the competition.
Revenues generated by KPMG’s legal business are set to exceed the £10m target it set last October when it was granted an ABS licence.
The Fairpoint Group has seen its turnover rise 64 per cent for the first six months of the current financial year, largely due to its acquisition of Simpson Millar and Foster & Partners last year.
PwC Legal, PricewaterhouseCoopers’ law firm, has pushed up revenue by 15 per cent in the last year with turnover of £41m for the financial year ending 30 June 2015.
Slater & Gordon has announced that group revenue has soared 27 per cent from A$411.1m to A$521.9m (£242.9m) for the 2014/15 financial year.
ABS Aspire Law has entered into a joint venture agreement with the Royal Buckinghamshire Hospital to create a service where clients with severe spinal injuries can receive rehabilitation treatment.
Keoghs Solicitors is rumoured to be in talks to acquire defendant insurance firm Plexus Law in a deal which would create a £145m turnover firm.
Irwin Mitchell has announced a 3.9 per cent rise in turnover for 2014/15 along with a 6 per cent increase in profit before tax in the wake of another acquisitive year.
It has been one of the largest acquisitions made by a firm to date, but this week Slater & Gordon (S&G) sought to put some distance between it and the historical accounting practices of Quindell as the latter came under investigation from the Serious Fraud Office (SFO).
Dispersed firm Keystone Law has made 20 lateral partner and senior lawyer hires in recent months, including a team from Hogan Lovells and former practice heads from firms including Pinsent Masons and Sheridans.
City firm Bates Wells Braithwaite (BWB) has posted a 12 per cent increase in turnover from £18.26m to £20.38m in the 2014/15 financial year.
Private-equity backed firm Knights is set to open a Derby office in August following the doubling of its turnover to a projected £20m in 2014/15.
Life has been tough for the public sector in the past few years, with spending cuts hitting home.
The creditors of liquidated firm Manches are seeking legal advice to bring a judicial review of the Solicitors Regulation Authority’s (SRA) handling of the liquidation after being left with a £4.2m shortfall in tax receipts.
King & Wood Mallesons (KWM) has reviewed its UK partnership with up to 15 partners to depart the firm with immediate effect.
Hogan Lovells executive manager Neil May has been appointed chief executive of common law set 42 Bedford Row following a unanimous vote by the chambers’ executive board.
The Lawyer’s Africa Elite report is published on Monday (30 March). Ahead of that the first-ever managing partner of Webber Wentzel, one of South Africa’s oldest and largest firms, unveils her plans for the future.
Berwin Leighton Paisner managing partner Neville Eisenberg has been appointed in an uncontested election to a four-year term as the firm’s senior partner, effective from 1 May.
German firm Noerr has announced another strong year with turnover rising by 7 per cent to €197.2m (£145.2m) for 2014, up from €184.5m the previous year.
Collapses among big Scottish law firms had more to do with management failings and the partnership system than big bank-mania and ‘Scottishness’.
Hit hard by the 2008 crisis, Austria’s businesses and law firms have found a variety of ways to adapt to the changed environment.
This year’s International Top 30 reveals a market in excellent health. As this executive summary of the report shows, taking just revenues alone, these firms’ finances have gone through the roof.
Merger activity over the past three years shows a trend for consolidation, but UK 200 data shows not all tie-ups create a better balance sheet.
The legal market is having to adjust to a rapid pace of change, but there’s all to play for if you’re willing to break the mould. A selection of this year’s Hot 100 tell us their game plan.
Blackstone Chambers is looking to recruit junior tenants this year after losing a number of its mid-level commercial barristers.