Capital gains tax incentive may benefit but ‘disrupt’ professional services sector Prof Services The new capital gains tax incentive Chancellor John Healey unveiled in his Budget may benefit LLP firms in the professional services sector if they qualify, but it also risks disrupting partner dynamics within the firms. Healey announced the so-called ‘Founder’s Relief’ capital gains tax (CGT) incentive in his Budget speech on Wednesday in a bid [...]
Possible tax hikes for LLPs in Budget may ‘distort’ the market and push firms overseas Prof Services Despite the professional services sector dodging tax hikes on LLPs in last year’s Budget, it remains unclear whether Chancellor John Healey will impose tax changes this time round, but Rosie Harris-Davison writes that experts have warned against any tax burdens on the sector. In the lead-up to last year’s Budget, whispers circulated for weeks that [...]
Revolut founder accused of hatching a ‘scheme’ to avoid fees in superyacht row Legal The billionaire founder of Revolut has been accused of hatching a “scheme” to avoid paying brokerage fees in a row over a superyacht said to cost €350m. In new legal filings, seen by City AM, Nik Storonsky is accused by a luxury superyacht broker of “secretly negotiating” to buy the vessel “behind the back” of [...]
Lawyers warned they carry the can for juniors using AI October 22, 2026 Lawyers have been warned they remain accountable for supervising AI use within their law firm, particularly when junior employees are operating the technology. The Law Society, an independent body that represents solicitors in England and Wales, issued new guidance on Wednesday setting out the appropriate use of AI in legal work, meaning lawyers cannot blame [...]
As Weil eyes a merger, who is a sizeable suitor? October 22, 2026 US heavyweight law firm Weil Gotshal and Manges is reportedly pursuing a merger with another law firm and is in active discussions, fuelling speculation across the legal sector about the likely contenders. Leadership at the New York-headquartered firm, renowned as a powerhouse in corporate restructuring, private equity, and mergers and acquisitions, reportedly told top partners [...]
Legora fetches $8.8bn valuation in latest funding round October 21, 2026 Legal tech firm Legora has raised $550m (£410m) in Series E funding at an $8.8bn valuation as it expands its footprint in the US, Europe, and the Asia-Pacific region. The Stockholm-based startup, which creates AI tools for law and professional services firms and corporate in-house legal teams to draft and review documents, said on Wednesday [...]
Law firms’ billing model faces disruption as clients turn to AI DIY advice October 15, 2026 Law firms are facing a new challenge as corporate clients are increasingly using their own in-house legal teams and AI tools to do legal work themselves, threatening the traditional growth and revenue model. According to new research from HSBC in their yearly UK Law Firm Strategy and Investment Survey, almost three-quarters of 100 law firms [...]
Legal sector warns against tax ‘raid’ proposal on client account interest ahead of Budget September 29, 2026 London’s legal sector has sounded the alarm over government plans to cut interest on law firms’ client accounts to fund the justice department, warning it could drive some law firms out of business. The Ministry of Justice’s consultation on a proposal to introduce an Interest on Lawyers’ Client Accounts Scheme (ICLA) closed in March after [...]
London rakes in record fees from overseas demand for legal services September 22, 2026 London is leading the charge of the British legal sector’s overseas exports which surged by 60 per cent over the past five years, hitting a record of almost £11bn, new data has revealed. According to data from the Law Society, the professional body for 178,000 practising solicitors in England and Wales, London “remains an international [...]
Sullivan & Cromwell joins the stampede to Abu Dhabi September 15, 2026 US law firm Sullivan & Cromwell is set to expand its global footprint into the Middle East by opening an office in Abu Dhabi after several other law firms boosted their presence in the region over the last year. The Wall Street titan plans to advise clients across the United Arab Emirates (UAE), Saudi Arabia, [...]