Lawyer Umbrella term used to refer to both barristers and solicitors.
LLP A limited liability partnership is essentially a hybrid between a general and limited partnership. An LLP protects partners from personal liability for the negligent acts of the other partners. Lockstep A system by which partners’ pay is decided by time served as partner in predictable sequence. Pay rises in a series of steps (eg, after one, three, five, seven and 10 years). LPC The Legal Practice Course is the vocational stage between degree and training contract. M&A Mergers and acquisitions. A merger occurs where two or more companies join as one. An acquisition is the takeover of one company by another. Magic circle Term used to refer to the top five UK law firms: Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May. MDP Multi-disciplinary partnership. A combination firm offering the full range of professional services, particularly law and accountancy functions. Mediation A method of alternative dispute resolution in which a neutral third party helps to resolve a dispute. Mini-pupillage Work experience within a set of chambers. Ministry of Justice The body responsible for prisons, judges and courts, and probation.
LDP Legal disciplinary practices – introduced by the Legal Services Act – allow the eight different types of ‘official’ lawyer, known as authorised persons (ie, solicitor, barrister, legal executive, licensed conveyancer, trademark attorney, patent attorney, notary and costs lawyer), to go into partnership. They also permit firms to have up to 25% of their partnership made up of non-lawyers. Legal aid The provision of assistance, advice or representation to people who are otherwise unable to afford legal representation. Legal apprentice An individual who joins a law firm straight from school, rather than going to university, to work in a role similar to that of a paralegal. Legal executive A qualified legal professional who specialises in a particular area of law and often performs work that is similar to that of a solicitor. See also ‘CILEx’. Legal Services Act 2007 A law that has opened up the legal market by allowing lawyers to form new business structures and permitting corporations to move into the legal services market. See also ‘ABS’. Legal Services Board The independent body responsible for overseeing the regulation of lawyers in England and Wales. LETR The Legal Education and Training Review report was published in June 2013, setting out 26 key recommendations for change, particularly in regard to quality, accessibility and flexibility.
Moot A mock trial, designed to test advocacy skills.
Negligence A failure to exercise the degree of care that a reasonable person would have used in the circumstances. Niche firm/chambers Firm or set that specialises in a certain area of law. Non-contentious Legal situation where there is no dispute. Notary An official authorised to certify, for example, deeds, contracts or copies of documents. No win, no fee An agreement whereby a solicitor acting in a claim is entitled to be paid his or her fee only if he or she wins. Such payment is usually made by the loser or his or her insurance company. Also known as a ‘conditional fee’.
Liability Legal responsibility, duty or obligation.
Libel Defamatory written statements or materials.
LLB Letters written after someone’s name, showing that he or she has the degree of bachelor of laws. LLC A limited liability company is a business structure that is a hybrid of a partnership and a corporation. LLD Letters written after someone’s name, showing that he or she has a doctorate in law. LLM Letters written after someone’s name, showing that he or she has the degree of master of laws.
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