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Legal Sector News

The latest Legal sector news articles.

Displaying 1-30 of 50 results
Exclusive SOLICITORS COMMUNITY Insights from the 2025 Solicitors Conference
  • Nov 2025
  • Ian Johnson
This year’s annual conference was another informative and enjoyable day, and so I wanted to share a very brief summary of some of the key take aways for those who couldn’t make it.
Exclusive SOLICITORS COMMUNITY Beyond the headlines: key insights from the SRA COLP/COFA Conference
  • Nov 2025
  • IFLM
  • Solicitors Community Newsletter
The Solicitors Regulation Authority (SRA) used its recent COLP/COFA Conference in October to clarify its position following the consumer protection review earlier this year. While the SRA had previously signalled a potential overhaul of the client account model, the message is now clear: significant changes to the model of firms holding client money in favour of TPMAs are not imminent. Instead, the regulator’s immediate focus is on strengthening safeguards within the current system. A new consultation is expected soon to discuss what the SRA is proposing to change.
Exclusive SOLICITORS COMMUNITY Legal Services Board report into the regulation of SSB Group Limited
  • Nov 2025
  • Janet Taylor
  • Solicitors Community Newsletter
Back in October 2024, the Legal Services Board (LSB) published the results of the independent review, conducted by Carson McDowell LLP as commissioned by LSB, into the regulatory events leading up to the Solicitors Regulation Authority's (SRA) intervention into Axiom Ince Ltd. Fast forward twelve months and the LSB has now published the results of the independent review into the SRA’s regulation of the now collapsed SSB Group.
Exclusive SOLICITORS COMMUNITY Latest on LSB’s list of binding directions for the SRA
  • Aug 2025
  • Ian Johnson
  • Solicitors Community Newsletter
On 27 May 2025, the Legal Services Board (LSB) issued a number of ‘Directions’ to the SRA to improve various systems and controls shortcomings in the wake of the Axiom Ince review report.
Exclusive SOLICITORS COMMUNITY Solicitors Accounts Rules: a practical refresher on key compliance areas
  • Jul 2025
  • Nicci Barlow
  • Solicitors Community Newsletter
In ICAEW’s recent webinar, Janet Taylor of Taylor Mowbray LLP and Andrew Baker of RSM UK discussed recent regulatory insights and took a deep dive into some of the practical issues of SRA Accounts governing residual balances and managing client money.
SOLICITORS COMMUNITY Why succession planning matters in professional firms
  • Jul 2025
  • Max Masters
  • Solicitors Community Newsletter
Succession planning is often viewed as a future problem – something to be addressed when retirement is on the horizon. But in reality, it’s a strategic imperative that professional firms must tackle early and revisit often. Whether operating as a partnership, LLP, or company, the absence of a clear succession strategy can lead to operational disruption, financial strain, and reputational damage. This article explores the risks of inadequate planning through illustrative scenarios and offers practical guidance on how to build a resilient, future-ready firm.
Exclusive SOLICITORS COMMUNITY Financial Benchmarking Survey 2025
  • Mar 2025
  • Ian Johnson
  • Solicitors Community Newsletter
The results of the Law Society’s Leadership and Management Section (LMS) benchmarking survey have been released. For over twenty years, the survey has been providing detailed accounting and other financial data from law firms and, for the past fifteen years or so, it has been prepared by Hazlewoods: specialist accountants working with law firms in the legal sector.
Exclusive SOLICITORS COMMUNITY Legal sector insights – trends and developments you need to know
  • Mar 2025
  • Nicci Barlow
  • Solicitors Community Newsletter
In ICAEW’s recent webinar, Jason Mitchell of PKF UK and Andrew Baker of RSM UK discussed three topical issues currently impacting the legal sector: the SRA’s Consumer Protection Review, basis period reform and partial exemption considerations in relation to interest received on client balances.
Exclusive Residual balances – the fines and penalties keep coming!
  • Mar 2025
  • Janet Taylor
  • Solicitors Community Newsletter
Cases over the past two or three years (Solicitors Disciplinary Tribunal and SRA’s Regulatory Outcomes) make it is abundantly clear that not attending to these balances is leading to some hefty fines and penalties. The issue is not going away.
Exclusive SOLICITORS COMMUNITY Bank service outages: the impact on law firms and the case for multi-banking
  • Mar 2025
  • Paul McCluskey
  • Solicitors Community Newsletter
Practical steps law firms can take to protect their operations.
Exclusive SOLICITORS COMMUNITY Axiom Ince Limited and what happens next?
  • Dec 2024
  • Janet Taylor
  • Solicitors Community Newsletter
It seems highly unlikely now that everyone working in this space isn’t very aware of the Legal Services Board’s report into the events leading up to the SRA’s intervention into Axiom Ince Ltd, published on 21 October 2024. There have of course been numerous commentaries in the legal press, highlighted in this article are the key points for both the law firm and the reporting accountant specifically in relation to the current SRA Accounts Rules.
SOLICITORS COMMUNITY The secret to boosting morale and maximising profits
  • Dec 2024
  • Andre Thomas
  • Solicitors Community Newsletter
Last month, I was invited by the ICAEW to deliver a webinar on how to attract and retain talent in three steps. This topic continues to be a major problem for law firms and accountancy practices across the UK. According to Gallup, disengaged employees is costing the UK economy £256 billion a year, which means that three out of five of your employees is a financial drain on your business.
Exclusive SOLICITORS COMMUNITY Insights from ICAEW Solicitors Conference 2024
  • Dec 2024
  • Ian Johnson
  • Solicitors Community Newsletter
This year’s annual conference was as informative as ever and I wanted to share a very brief summary of some of the key takeaways.
Exclusive SOLICITORS COMMUNITY Cybercrime and the impact on the legal sector
  • Nov 2024
  • Nicci Barlow
  • Solicitors Community Newsletter
Cybercrime is expected to cost £8.5 trillion globally by 2025, highlighting the scale and sophistication of the cyber ecosystem. With the legal sector reportedly accounting for over 24% of global cyber-attacks, how can firms protect themselves from the ever-evolving cybercriminal?
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Salaried member rules – a shift in HMRC guidance
  • Jul 2024
  • Andy Harris
  • Farming and Rural Business Community News
Earlier this year, HMRC published updated guidance on its interpretation of the legislation in respect of the salaried member rules, which could impact the employment status of fixed share members of an LLP.
Exclusive SOLICITORS COMMUNITY Looking back and looking ahead
  • Feb 2024
  • Janet Taylor
  • Solicitors Community Newsletter
In this article, Janet Taylor, SME of the Solicitors Community, reflects on a successful 2023 and outlines the Community plans for 2024.
Exclusive SOLICITORS COMMUNITY Summary of the recent ICAEW Solicitors’ Conference
  • Nov 2023
  • Ian Johnson
  • Solicitors Community Newsletter
Hopefully many of you reading this were able to join us for our recent annual solicitors’ conference, but for those of you that missed it, here is a brief rundown of what happened.
Exclusive SOLICITORS COMMUNITY Operating as a limited company – a quick reminder
  • Oct 2023
  • Mike Ingmire
  • Solicitors Community Newsletter
In recent years, the number of law firms operating as a limited company has steadily increased. 10 years ago, 30% of all firms were limited companies but, by September 2023, that had increased to 55%.
SOLICITORS COMMUNITY AI Powered Leadership: The Future of Chartered Accountancy
  • Sep 2023
  • Michelle Howard
  • Solicitors Community Newsletter
In this article, Michelle Howard, a skilled leadership and marketing consultant with extensive experience advising and training professional sector firms, discusses how leaders should be prepared to embrace the introduction of Artificial Intelligence (AI) into the sector. She contends that leaders should think now about adopting a clear strategy and policy of implementation, recruit staff who will be able to deal with AI in the future and train existing staff to become creative leaders in the age of AI.
SOLICITORS COMMUNITY Are rising IT costs for law firms inevitable or entirely avoidable?
  • Jul 2023
  • Alex Hutchinson
  • Solicitors Community Newsletter
A guide for solicitors.
SOLICITORS COMMUNITY Millennials - Supporting the Next Generation
  • Jun 2023
  • Michelle Howard
  • Solicitors Community Newsletter
In this article, Michelle Howard, a skilled leadership and marketing consultant experienced in advising professional sector firms across the UK, considers the traits which define the generation of millennials. At our Solicitors Conference in September, Michelle will further share how we can adapt our professional workplace to support this generation to become our future leaders and help our businesses to prosper.
Exclusive SOLICITORS COMMUNITY 'Financial accounting' period v SRA reporting period
  • Jun 2023
  • Janet Taylor
  • Solicitors Community Newsletter
Question: Do changes to financial accounting period ends impact on reporting periods under the SRA Accounts Rules?
Exclusive SOLICITORS COMMUNITY Your Client Interest Policy – Is it fair?
  • Jun 2023
  • Paul McCluskey
  • Solicitors Community Newsletter
The Monetary Policy Committee (MPC) met recently and voted to increase the Bank of England bank rate for the 12th consecutive time. With the bank rate now standing at 4.5%, a level not seen since October 2008, this article addresses the question, what is a fair level of interest which should be passed on to clients holding deposit funds with their law firm?
Exclusive SOLICITORS COMMUNITY Banking facilities: Updated warning notice and case studies (1 March 2023)
  • Apr 2023
  • Janet Taylor
  • Solicitors Community Newsletter
The SRA have recently published updates to the warning notice and the case studies dealing with the prohibition on providing banking facilities.
Exclusive SOLICITORS COMMUNITY How to avoid and prevent an SRA Investigation
  • Mar 2023
  • Robert Blech
  • Solicitors Community Newsletter
At the end of last month, myself, together with Andrew Blatt of Murdochs Law presented a webinar on ‘How to avoid an SRA investigation...and what to do if you have one’. Andrew is senior director at Murdochs Law Ltd and a regulatory and disciplinary solicitor.
FACULTIES ONLINE TAX FACULTY TAX NEWS Basis period reform: How to deal with estimated figures
  • Mar 2023
  • ICAEW
The fiscal year basis of taxation, applying from 2024/25, could mean unincorporated businesses that are unable to have an accounting date that matches the tax year will have to use estimated figures in their tax returns. How will this work and what are the penalty implications?
Exclusive SOLICITORS COMMUNITY SRA Accounts Rules – upcoming changes?
  • Nov 2022
  • Janet Taylor
  • Solicitors Community Newsletter
While no full formal review of the relatively new SRA Accounts Rules is underway (a review five years after implementation is planned) the SRA are due to consult on some proposed updates over the next few months.
Exclusive SOLICITORS COMMUNITY Recruiting and retaining the new generation of talent
  • Nov 2022
  • Michelle Howard
In this article, Michelle Howard, a skilled consultant experienced in engaging and advising professional sector firms across the UK explores ways in which you can recruit and retain the new generation of talent using your brand.
Exclusive SOLICITORS COMMUNITY Cost increases create fresh challenges for legal firms
  • Nov 2022
  • Iceberg
  • Solicitors Community Newsletter
Last month’s vote by Criminal Bar Association members to end its long-standing strike ended a period of uncertainty, but its conclusion has created a new set of financial challenges for the legal sector.
Exclusive SOLICITORS COMMUNITY The impact for law firms of rising interest rates
  • Sep 2022
  • Robert Blech
Few of us can escape the cost-of-living crisis which is having an impact on almost all areas from fuel to basic shopping prices. The climb in inflation, which is at a 30 year high, will affect business as well as us individually. Under monetary policy, the Bank of England has adopted regular incremental increases in interest rates, which at the time of writing sit at 1.75%. Such rises may be passed on to all businesses that are borrowing, including law firms, but there is also the issue of legal practices accounting for interest under Rule 7 of the SRA Solicitors Accounts Rules.
Displaying 1-30 of 50 results

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