The following is a summary from an Article written by James Dean, Published at 12:01AM, January 10 2013 in the Times.
The Article follows the recent approval of BarCo, a new fund which enables Barristers to hold and handle client’s money. The was formerly strictly prohibited. This prohibition made it difficult for the Bar to work with corporate clients, as traditionally larger firms of solicitors would be instructed. 39 Essex Street, Erskine Chambers and Atkin Chambers will test BarCo before it is introduced later in April this year.
James Dean writes that Barristers could then become ‘the first-stop legal advice shop for big corporate clients after winning approval for a funding system designed to leave City solicitors out in the cold.’