The Legal Services Board has been critical of the length of the time the Solicitors Regulation Authority has taken to approve alternative business structures, it has emerged.
The Solicitors Regulation Authority (SRA) will consider fast-tracking alternative business structure (ABS) applicants who want to bid for the government’s proposed criminal legal aid contracts, Legal Futures can reveal.
Manchester-headquartered alternative business structure Horwich Farrelly has headed south to launch an office in the City of London. The specialist insurance litigation law firm estimates that the new office will generate up to £2m of income in its first year.
A not-for-profit venture capital business that promotes innovation is set to invest in a start-up law firm targeting the technology sector, Legal Futures can reveal. The unusually named Atypical Law Firm will this week submit its ABS application.
A London chambers has become the first alternative business structure licensed by the Solicitors Regulation Authority that does not have any solicitors. Richmond Chambers LLP is a niche immigration set that focuses on direct access work.
A new insurance business that will also offer wills, probate and family law services is set to go live after its law firm received an alternative business structure licence. It is the first insurance/law firm tie-up that does not involve personal injury claims.
The viability of using alternative business structures as a means to offer criminal legal services under the government’s price competitive tendering scheme is questionable, a report by consultants Deloitte has warned.
In-deed Online plc – the first listed company to buy a law firm – is now set to become the first alternative business structure (ABS) casualty after announcing plans to sell the practice back to one of its founders along with the rest of the online conveyancing company’s business.
There will be plenty of lawyers crowing over the failure of In-Deed Online. Expect a lot of “I told you so-ing”. It will be used as evidence that alternative business structures (ABSs) are flawed and that the much-heralded change in the legal market will prove to be a bust. But I wouldn’t be so quick to jump to those conclusions.
Meerkats entered the law today as BGL Group – one of the UK’s leading insurance intermediaries and owner of the comparethemarket.com website – received its alternative business structure licence to acquire Yorkshire personal injury law firm Minster Law.