Artificial intelligence (AI) is poised to revolutionise the practice of law, potentially reshaping the principles of common law, according to Sir Geoffrey Vos, the Master of the Rolls. Speaking at the Manchester Law Society, Sir Geoffrey offered an optimistic view of...
Latest News
Top Law Firm Accounting Tips
Accounting is a fundamental pillar of measuring a successful law firm. Law firms, have unique financial considerations that require careful attention to ensure compliance with regulations and business performance. From managing client funds to handling operational...
Ministry of Justice set for Legal Challenge over Fixed Recoverable Costs Plan
The Ministry of Justice is set to expand the fixed recoverable costs regime on 1st October. However, the expansion of the regime has prompted the Bar Council to challenge the Ministry of Justice over the regime who are currently preparing a letter of legal challenge....
Digital Opportunities in Conveyancing
A recent study from the Digital Conveyancing Maturity Index found that the average digital maturity of law firms in England and Wales was 43%. Furthermore only 5% of law firms scored higher than 80%. This will perhaps come as a shock too many considering the pandemic...
SRA Fine Law Firm a Record £20,000 for AML Failings
The SRA has increased their fining power Last year the SRA increased its fining powers from £2,000 to £25,000 to enable them to impose larger fines on legal firms that fail to implement adequate Anti Money Laundering training and systems. Before this change any fines...
Law firms plan to reduce office space
A recent survey conducted by HSBC between May – July 2022 has found that 50% of respondents plan to reduce their office space within the next three years. It is important to note that this survey was conducted before the latest economic issues developed. This is an...
SRA replaces Indemnity Fund
What is the indemnity fund? The Solicitors Indemnity Fund (SIF) was established in 1987 to provide compulsory professional indemnity cover to all solicitor firms in private practice in England and Wales. With the agreement of The Law Society of England and Wales, the...
Legal sector continues to grow in July
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...
Larger volume of work for in-house lawyers
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%...
Sir Geoffrey Vos believes AI will change principles and practices of common law
Artificial intelligence (AI) is poised to revolutionise the practice of law, potentially reshaping the principles of common law, according to Sir Geoffrey Vos, the Master of the Rolls. Speaking at the Manchester Law Society, Sir Geoffrey offered an optimistic view of...
Top Law Firm Accounting Tips
Accounting is a fundamental pillar of measuring a successful law firm. Law firms, have unique financial considerations that require careful attention to ensure compliance with regulations and business performance. From managing client funds to handling operational...
Ministry of Justice set for Legal Challenge over Fixed Recoverable Costs Plan
The Ministry of Justice is set to expand the fixed recoverable costs regime on 1st October. However, the expansion of the regime has prompted the Bar Council to challenge the Ministry of Justice over the regime who are currently preparing a letter of legal challenge....