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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
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
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...

Reshaping Legal Services

The LSB (Legal Services Board) has developed a new website called reshapinglegalservices.org.uk. The new website aims to present research and insight about the future of legal services from lawyers, regulators, tech experts and consumers. The idea behind the website...

Utilisation of Legal Data

What is Legal Data? Legal data is information classified as regarding law and is generated from multiple formats including time recording, knowledge banks, spreadsheets, legal documents, billing systems and more. This data is used in all areas of practice law. It is...

Legal Sector Salaries Set to Climb in 2022

It’s no secret that many sectors are facing severe wage inflation with many locked in ongoing battles to retain their best staff. Indeed, as the economy begins to open up as Omicron-related restrictions are eased, many legal firms in particular are facing a backlog of...

SRA seeks greater fining power
SRA seeks greater fining power

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...

Rules for taxing partners due to change

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...

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
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
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...