Solicitor rebuked after allowing client account to be used as banking facility

A solicitor who used a client account to pay suppliers at a client’s request has been rebuked by a Solicitors Disciplinary Tribunal (SDT). A report of the proceedings, published in the media last month, reveals how a solicitor was persuaded

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One in five law firms fail money laundering assessments, review shows

Around a fifth of law firms would fail money laundering compliance assessments if they were asked to complete them on the spot, a major new study has revealed. The report, published by the legal regulator, the Solicitors Regulation Authority (SRA),

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Legal sector “shockingly” vulnerable to cyberattacks, say experts

Cybercrime represents the single biggest threat to the legal sector, a major new study has revealed. The finding forms part of the University of Portsmouth’s Centre for Counter Fraud Studies research into risks faced by law firms in 2019. Although

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Businesses and contractors offered clarity on IR35

With less than six months left until the introduction of the IR35 regulations in the private sector, HM Revenue & Customs (HMRC) has finally released additional guidance to help clarify this complex area of taxation. From 6 April 2020, the

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Why should solicitors use third party managed accounts?

Third party managed client accounts (TPMAs) may reduce the risk of cybercrime and money laundering, a study has revealed. The finding forms part of new research published by payment processor Shieldpay ahead of plans to allow licensed conveyancers to use

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Get up to speed with new SRA Accounts Rules

New guidance released this month will help prepare solicitors for the introduction of new Standards and Regulations in November. Published by the legal sector regulator, the Solicitors Regulation Authority (SRA), the guides are designed to keep the sector compliant with

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Government U-turns on probate fee hikes

Plans to hike probate fees to up to £6,000 have been scrapped, it has been revealed. The changes, which had been described by experts as a “tax on grief”, were proposed by the Government last November. Under the new system,

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Millions in funding available as Law Society announces new legal innovation challenge

The Law Society for England and Wales has invited law firms to take part in a new innovation challenge to develop technology to improve responsible data sharing in the legal sector. Leading the challenge, UK Research and Innovation body Innovate

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How to shield clients from Friday afternoon fraud

A cybercrime specialist has reiterated the dangers of using email communications to finalise house purchases following a spate of conveyancing scams. The scam, known as ‘Friday Afternoon Fraud’, involves tricking unsuspecting buyers into sending house purchase monies to a fraudster’s

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Succession planning: could an alternative business structure help your law firm live on?

Two non-solicitor daughters have converted their late mother’s law firm into an alternative business structure (ABS) to ensure the family’s legacy. The story, first reported in specialist legal publication Legal Futures, demonstrates how ABS conversion can be used by solicitors

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