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By Paul Jones
The Law Society Gazette recently published an article that warned firms to brace themselves for an October PII hike which can be read here;
PII is a recurring problem for many firms, where premiums only ever go up.
So what can firms do to bring them down?
By Paul Jones
With the legal marketplace “heating up” as Coronavirus restrictions are eased off, firms could be forgiven for wondering why we’d write an article about Client Surveys.
Fair enough. What might not be obvious is that the data contained in Client Surveys can be “pure marketing gold” in terms of Public Relations and Marketing, and also in terms of working out whether any particular department or fee earner is efficient and effective in delivering a service to clients…
By Wayne Williams
In order to assist firms with cash flow through these turbulent economic waters, the Legal Aid Agency has on 4th August 2020 increased the limits on Payment on Account claims under the Civil/Family Legal Aid Contract.
By Wayne Williams
HMRC has for some time granted a VAT concession that has enabled Conveyancers not to charge clients VAT on searches obtained by POST.
This concession will be formally withdrawn on 1st December 2020 .........
By Ian East
AML and Compliance Update
It has been an exceedingly difficult year for many law firms due to the sudden and dramatic impact of Covid-19. Recent events have certainly been a test for all firms’ business continuity plans, and firms without adequate backup systems in place will certainly have been hit the hardest.
By Paul Jones
While firms in England have come out of lockdown to the extent they are allowed to start trading, Welsh firms are still hunkering down waiting anxiously for the Welsh government to provide some indication of when they can start, and the Law Society has recognised the issues facing both by reducing their fees for CQS.
And the Solicitors Regulation Authority, what are they doing to help solicitors in their time of need?
By Paul Jones
Welsh Government Economic Resilience Fund – Phase 2
Firms who missed out on Phase 1 of the Welsh Government’s Economic Resilience Fund launched in March 2020 will soon be able to apply for support this again as Phase 2 kicks in.
By Paul Jones
There have been a number of funding initiatives set up by the UK and Welsh Governments since the Coronavirus lockdown came into effect. The latest of these, the Coronavirus Bounce Back Loan launched today (May 4th).
By Wayne Williams
On the 27th March 2020, the Legal Aid Agency issued a number of options to help with cash flow.
Given that the LAA state that they will take a flexible approach in relation to the above matters and in relation to some technically defective claims (rejects), we would recommend that firms take advantage of this offer as early as possible with a view to mitigating potential cash flow problems in a few months’ time.
By Wayne Williams
Sale of Residential Property in the UK from 6th April 2020 – New CGT Rules
We realise that conveyancers have lots to distract them at the moment, so we just wanted to ensure that you did not miss the new rules that come into effect from the 6th April 2020.
As from this date, vendors of residential property will have to make a declaration to HMRC and pay any Capital Gains Tax (CGT) due within 30 days of the date of completion.
By Paul Jones
In our 20th of January 2020 article on Anti-Money Laundering, we laid out what some of the latest changes were following the introduction of the 5th Directive, and explained what the SRA had found in their thematic review when they visited a hundred firms in 2018.
This article deals with our anonymised findings from the reports we have generated since cpm21 rolled out its Independent Audit Function (IAF) to solicitors firms at the start of 2020…
By Ian East
For the legal sector Ant-Money Laundering (AML) is currently a very hot topic with the SRA being very proactive and the recent implementation of the Fifth Anti-Money Laundering Directive (5 MLD) to consider. Before considering the new changes, it may be useful to look at the AML situation in general and consider how compliant your firm is. This is certainly an area that law firms must ensure that they are fully compliant with or run the risk of disciplinary, and possibly criminal, sanctions.