SESSION 4 ASSESSMENT: The Legal Cheek Commercial Awareness Academy 2022-23 (Listed law firms and the deregulation of the legal market, with DWF) in partnership with BARBRI
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What is the traditional law firm model?
Limited Liability Partnership
Public Limited Company
What was the objective of The Legal Services Act 2007?
To raise the standards of legal professionals
To end the legal profession's monopoly over the sector and increase competition and consumer choice
To improve diversity within the legal profession
To help law firms cope with increased running costs
As a result of The Legal Services Act 2007, who is now able to own a law firm?
Non-lawyers but only with supervision from lawyers
Both lawyers and non-lawyers
What did The Legal Services Act 2007 establish to deal with complaints relating to legal services?
The Legal Complaints Commission
The Legal Ombudsman Scheme
The Legal Complaints Committee
None of the above
What is NOT an advantage of a law firm floating on the stock market?
Attract outside investment to raise funds for the business
Drive employees’ engagement and performance as employees with shares have a stake in the business
Enhanced global brand recognition
Eligibility to attend quarterly networking dinners with the Lord Chancellor and other dignitaries
What is an Initial Public Offering (IPO)?
When a company first decides internally that it would like to float on the stock market
When employees of the business are made aware that a private company will be transitioning to a PLC (public listed company)
When a privately owned company lists on the stock exchange
When a PLC (public listed company) issues more shares on the stock market
What is NOT a characteristic of an Alternative Business Structure (ABS)?
Greater flexibility in the way ownership is structured
The business can receive external investment
The business can only have a limited number of owners
The business is able to offer multiple services to clients (including legal services) from within the same entity (known as a multidisciplinary practice)
What would be the most important INITIAL consideration for a law firm thinking of floating on the stock market?
Volatility of the stock market in times of political or economic instability
How to ensure the listed company complies with all jurisdictions in which it operates
Increased training and regulatory requirements
Evaluating if floating on the stock market suits the business and its needs
What is a requirement for a listed law firm but not a limited liability partnership?
Providing comprehensive training for staff
Producing and publishing an annual report
Ensuring a focus on ESG (environmental, social and governance) factors
Gender pay gap reporting
In what year did DWF become the first legal services business to list on the London Stock Exchange main market?
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