Most lawyers expect the law firm partnership model to wither over the next decade, as the legal services market embraces alternative business structures and technology, while ditching hourly billing – according to a new survey.
The first local authority alternative business structure to be given a licence by the Solicitors Regulation Authority has been taken over by the second. Lawyers at Buckinghamshire County Council have joined HB Public Law, making it the largest local authority legal team in the country.
The barrister who defended one of the killers of Drummer Lee Rigby is involved in setting up an alternative business structure (ABS) with another member of his chambers and two senior staff.
Rather than feeling threatened by accountants’ move into legal services, law firms should set up alternative business structures (ABS) and compete with them, the president of the Law Society has said. Jonathan Smithers said: “The success of ABS to date indicates that clients are generally not concerned about sourcing their legal services from non-lawyers.”
A three-way merger into a new alternative business structure has created a top 200 law firm, Legal Futures can reveal. The ABS, Taylor Rose TTKW, is made up of Peterborough-headquartered Taylor Rose Law, its associated costs firm Jaggards, and London firm Tucker Turner Kingsley Wood.
The co-founder of Britain’s only trade union-owned alternative business structure (ABS) has warned high street lawyers that there is nothing to stop it competing with them. He also expressed concern that the profession was becoming obsessed with profit at the expense of the client.
MTA Solicitors, the alternative business structure behind the consumer-facing high street LawStore brand, this week opened its third store and plans to open a fourth by the end of the year. MTA has begun to sign up panels of local law firms to deal with instructions it cannot handle.
A Canadian report on alternative business structures has issued a cautious verdict on majority non-lawyer ownership, judging the model to be as yet unproven, based on the experience so far in England and Wales and Australia.
A barristers’ chambers is set to launch an alternative business structure to help it obtain international work, because it will give the appearance of a solicitors’ firm to foreign clients who do not understand direct access.
Leading accountancy firm Kingston Smith has been granted a wide range of waivers from Solicitors Regulation Authority rules as part of its groundbreaking transfer of alternative business structure regulator. We also have ABS news from Fletchers, Express Solicitors and Legal Recoveries & Collections.