Alternative business structures

“Weak competition” and legal culture behind lack of external investment through ABS, says LSB report

Neil Buckley

The low level of external investment in law firms since alternative business structures were allowed more than five years ago “may be a symptom of weak competition in the market overall”, a Legal Services Board report has suggested. There are also cultural and management factors, it found.

June 15th, 2017

Exclusive: Online divorce business acquires family law firm

divorce

Online Legal Services Ltd – the company that runs the pioneering Divorce-Online website – has acquired south Wales family law firm Peter Thomas Law, Legal Futures can reveal. It will enable Divorce-Online to capture the work arising from more complex divorces that is currently outsourced to other solicitors.

June 2nd, 2017

Direct access chambers and specialist financial services set launch BSB ABSs

Daniel ShenSmith

A ‘virtual’ chambers that supports direct access work has set up an alternative business structure, as has a niche financial services chambers, which become the second and third to be regulated by the Bar Standards Board. It licensed its first ABS, a collaboration between a London chambers and football agents, earlier this month.

June 1st, 2017

National Accident Helpline plots second ABS joint venture

Simon Trott NAHL

NAHL plc – the AIM-listed owner of National Accident Helpline – has lined up a second alternative business structure joint venture as it bids to double the cases it handles over the coming years, it has emerged in the wake of last week’s announcement of its first, Your Law, in association with NewLaw Solicitors.

May 30th, 2017

From leads to legal advice: National Accident Helpline sets up ABS

Legal Futures Click to Client Conference

NAHL, the marketing business that owns National Accident Helpline, is to launch its own law firm after being awarded an alternative business structure licence and signing a deal with Cardiff-based NewLaw Solicitors. It will trade under the name Your Law LLP and is expected to start business on 1 July.

May 26th, 2017

Gateley share price reaches all-time high as it indicates strong annual results

Michael Ward

Turnover at the country’s first listed law firm, Gateley, has gone up by at least 15% in the last financial year, it announced to the stock exchange today as its share price reached an all-time high. It said revenue for the financial year ended 30 April 2017 will be not less than £77m, up from £67m the previous year.

May 25th, 2017

Bar Standards Board scores football specialists as first ABS

jerome anderson

The Bar Standards Board has licensed its first alternative business structure, a combination of barristers from 2 Dr Johnson’s Buildings and football agents. VII Law – which started life last year as a BSB entity – is working alongside VII Management, a sports, entertainment and media business.

May 24th, 2017

Top-50 accountancy firm becomes ABS

Law Clinic 170614

Top 50 accountancy firm Barnes Roffe has become the latest to gain an alternative business structure licence, Legal Futures can reveal. Meanwhile, Nottingham Law School’s ABS and ‘teaching law firm’ has launched a business and enterprise law service to provide affordable legal advice to small businesses, entrepreneurs and charities.

May 24th, 2017

Regional practice becomes ABS to facilitate equity swap with Singapore firm

Ed Turner Taylor Vinters

A law firm has acquired an alternative business structure licence to facilitate an equity swap, as part of its bid to integrate with a firm of Singapore lawyers and comply with restrictive local laws on ownership. A regulatory rule change in Singapore made it difficult for the branches of foreign firms to operate.

May 22nd, 2017

ABS combining law, accountancy, finance, HR and more aims to be “doubly disruptive”

Richard Turner Alpaca

A one-stop shop for SMEs launched this week has set itself the goal of changing both the way legal and financial services are delivered and the way professionals work. By employing a “doubly disruptive philosophy”, it might be possible to break free not only of traditional business models but of traditional labels such as lawyer or accountant, the firm says.

May 17th, 2017