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Property management firm turns itself into ABS

A property management firm specialising in residential blocks of flats has turned itself into an alternative business structure, in what is understood to be first move of its kind. “At the moment we’re a property management company with a legal capacity. In 10 years’ time, it is likely to be the other way round,” said director Matthew Young.

March 15th, 2016 | No Comments »

Lawyers expect more MDPs and big brands to enter market – and they’re not happy about it

Lawyers expect the opening up of the legal market to lead to more multi-disciplinary professional services companies, offering consultancy, business and legal advice, research has shown.

November 24th, 2014 | No Comments »

SRA’s changes to licensing MDPs: don’t believe the hype

It is plain that the SRA is keen to be seen as innovative, forward-thinking and ultimately the ‘regulator of choice’ when it comes to MDP ABSs. However, when you look beyond the hype of this development and consider the detail, it becomes clear that the SRA’s methodology in licensing MDPs is fundamentally flawed.

November 6th, 2014 | No Comments »

SRA’s “flexible” approach to MDPs backed by LSB

The Legal Services Board has backed a new “flexible” approach by the Solicitors Regulation Authority aimed at making it easier for multi-disciplinary partnerships to become licensed as alternative business structures.

October 24th, 2014 | No Comments »

Legal Ombudsman outlines test for dealing with complaints about MDPs

The Legal Ombudsman has introduced a policy for dealing with complaints about organisations which provide non-legal as well as legal services, such as some alternative business structures and, shortly, accountants who offer probate advice.

September 19th, 2014 | No Comments »

SRA board backs moves to help MDPs, but charts cautious course on ditching accountants’ reports

The board of the Solicitors Regulation Authority today approved a series of measures to further its regulatory reform programme, including making it easier for multi-disciplinary practices to become alternative business structures.

September 17th, 2014 | No Comments »

SRA goes ahead with £500,000 PII limit but postpones other reforms

The Solicitors Regulation Authority has decided to go ahead with cutting the minimum compulsory cover for indemnity insurance from £2m to £500,000, despite strong opposition from the Law Society.

July 3rd, 2014 | No Comments »

SRA unveils plans to encourage multi-disciplinary ABSs

“Radical changes” to the authorisation and supervision of alternative business structures are on the cards after the Solicitors Regulation Authority expressed concern that the number of applications from multi-disciplinary practices has been “in the tens rather than hundreds”.

April 2nd, 2014 | No Comments »

Senior City lawyer becomes ABS but faces MDP dilemma

The former head of construction at City giant Norton Rose has turned his legal consultancy into an alternative business structure, but has had difficulty finding a non-lawyer professional partner of similar standing to link up with.

February 5th, 2014 | No Comments »

Mid-sized firms have much more appetite for external investment than MDPs, survey finds

One in five mid-sized law firms expects to seek external investment to fund expansion within an alternative business structure, according to a major benchmarking survey. However, very few see a merger with non-lawyer professionals in their future.

January 21st, 2014 | No Comments »