The SRA is set to begin granting its first alternative business structure licences in early 2012, now that the House of Lords has approved legislation regulating the disclosure of criminal convictions for non-lawyer owners of ABSs.

The value of the planned new Solicitors Qualifying Examination which all solicitors would have to pass in order to qualify has been questioned in the House of Lords.

Another month, another scandal about the tax – or rather lack of tax – arrangements of the rich and famous. This time, it’s what are being termed the Paradise Papers; leaked documents revealing the offshore business affairs of millions of individuals and companies, including some very high-profile names. For other economic news, read on.

The aftershocks of Carillion’s collapse are still being felt a month on, not least by its former employees. Magic circle firm Clifford Chance has taken on Carillion’s in-house legal team, saving the jobs of around 60 specialist paralegals. 

With the biggest vac scheme deadline of the year looming (31 January), now’s the time to get your head back in the game, commercial-awareness-wise. You may find yourself being quizzed on your knowledge of economic affairs in vac scheme interviews, so it pays to be prepared. Here’s a selection from the past week to get you started.

Ministers are expected to introduce new legislation to the House of Commons after the summer recess, with the aim of reducing the use of short prison sentences and toughening community punishment.

Students and law schools were recognised for their tremendous efforts in the field of pro bono, as the attorney general hosted the annual LawWorks & Attorney General Student Pro Bono Awards at the House of Commons.

Clifford Chance has launched its third annual Intelligent Aid student competition, challenging students to "think critically about reducing greenhouse gas emissions".

The outstanding pro bono and volunteering achievements of individual lawyers, law firms, charities and advice clinics were celebrated last week at the LawWorks Annual Pro Bono Awards.

Nominees for the first ever UK Social Mobility Awards have been revealed to hail overwhelmingly from the legal profession. 

The House of Commons committee of Public Accounts has produced a damning report on the Ministry of Justice’s cuts to legal aid spending.

Another week, another opportunity to learn more about the commercial world and its impact on us all – including lawyers! Enjoy our digest of stories from the past week.

Herbert Smith Freehills LLP is poised to merge with the US law firm Kramer Levin Naftalis & Frankel, establishing a new transatlantic powerhouse that’ll employ 2,700 lawyers and generate more than £1.5 billion in revenue.

With news this week that Article 50 will be triggered on 29 March, the reality of what a departure from the European Union will mean for the economy is likely to start firming up. 

The Solicitors Regulation Authority should tighten its rules on non-disclosure agreements, MPs have been told.

The SRA has backed a new training scheme which could slash the number of graduates recruited by City law firms.

Steve Lewis, an undergraduate law student at Birkbeck University, has won the inaugural Freshfields Stephen Lawrence Scholarship, which aims to address the under-representation of black men from low-income households in large commercial law firms.