Latest news
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.
High Court refuses permission to appeal QASA ruling and makes maximum costs order
The High Court has today refused permission to appeal against the recent ruling on the Quality Assurance Scheme for Advocates (QASA), saying there was no reasonable prospect of the claimant barristers making a successful challenge to it.
Blue-chip wealth adviser becomes ABS and predicts global take-up
The chief executive of a blue-chip global wealth adviser that administers £200bn of assets has predicted alternative business structures are a reform of law firm ownership that other countries will have to adopt – having just secured a licence itself.
Unprecedented consolidation, ABSs and only the global or niche surviving – Knowles surveys future
Commercial law firms that think a recovering economy will save them from the imminent and major consolidation of the market are “deluding themselves”, Sir Nigel Knowles has warned. The trends in the legal market – including ABSs – will render many firms’ business models as obsolete.
No more getting your clerk to do it – BSB bids to improve barristers’ diversity reporting
The Bar Standards Board is set to introduce a series of measures to improve diversity reporting among barristers after the vast majority refused to answer many of the questions posed about their backgrounds.
Fifth of law firms miss diversity data deadline
A fifth of law firms failed to meet last Friday’s deadline for submitting their diversity data reports to the Solicitors Regulation Authority (SRA). Some 79% (8,396) firms successfully lodged their reports last week, “with many more in progress”, according to the SRA.
SRA imposes conditions on PwC and Direct Line’s ABS licences
The Solicitors Regulation Authority has hedged the award of alternative business structure (ABS) licences to accountants PricewaterhouseCoopers and insurer Direct Line Group with a host of conditions, it has emerged.
Gulf opens between profession and consumer groups over LSB lay chairs proposal
The Legal Services Board’s consultation on its plan to oblige frontline regulators to have lay chairs has met a barrage of opposition from regulators and lawyers, pitted against consumer advocates, which strongly backed the measure.
Here come the big boys – PwC gains ABS licence
PricewaterhouseCoopers (PwC) has become the first of the ‘big four’ accountants to become an alternative business structure (ABS), it announced today. The move allows it to become the owner of, and investor in, PwC Legal.
Direct Line secures ABS licence as rival insurer wins major contract for legal services arm
Direct Line’s new alternative business structure is set to launch on 3 March after receiving its alternative business structure licence, the insurer announced today. Meanwhile, BGL Group – the first insurance company to buy a law firm – has revealed a major client win.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
