Latest news
New AIM-listed ABSs announce good 2012 results and look forward to more having received licences
Quindell Portfolio and Abbey Protection, AIM-listed companies which both received their alternative business structure licences last month, have reported that their 2012 results are looking good. Quindell said it has had more approaches from prospective acquisition targets, while Abbey is planning an acquisition.
From social welfare law to remortgaging – latest ABSs take licence count to 70
A social welfare law firm, a boutique dispute resolution practice, and a dedicated volume remortgage specialist that wants to align its structure with its corporate clients, are among the most recent alternative business structures licensed by the Solicitors Regulation Authority.
Exclusive: Google-backed crowdsourced legal advice service heads to the UK
An innovative US website that crowdsources advice to legal questions for free is on its way to the UK after it was acquired by online document service Rocket Lawyer, Legal Futures can reveal. LawPivot provides answers to any legal question from a network of more than 2,000 lawyers.
Leading insurance law firm targets non-legal services after receiving ABS licence
Leading insurance law firm Horwich Farrelly has become an alternative business structure in preparation for April’s civil justice reforms, and is planning to add non-legal claims services to its offering. The Manchester-based practice has more than 400 staff.
Small and mid-sized firms feel impact of ABSs but ‘real profit’ is on the up
Many small and medium-sized law practices expect alternative business structures to affect them directly, with a third saying they could merge with another firm and one in five likely to seek external funding and/or bring in non-lawyer owners, a survey has found.
Over 300 ABS applications waiting in the wings, says SRA
More than 450 firms have started the alternative business structure application process over the past year, the Solicitors Regulation Authority has revealed. Having started accepting applications on 3 January 2012, the SRA said that 454 firms have since started the process.
Ombudsman prepares for ABSs after Parliament approves rule changes
The Legal Ombudsman has won approval for changes to its rules that bring them more in line with the Financial Ombudsman Service and so equip it better to deal with alternative business structures like Co-operative Legal Services.
Final Legal Education and Training Review report delayed
Completion of the much-anticipated Legal Education and Training Review has been delayed, it has emerged. The academic team compiling the report after 18 months of research and consultation was meant to have delivered it by the end of 2012.
Susskind: no future for high street firms, but window of opportunity for mid-sized practices
There is not much of a future for small law firms in the face of competition from banks and retailers, while medium-sized practice will need to merge and seek external investment to survive and thrive, leading legal ‘futurologist’ Professor Richard Susskind has predicted.
Call for gender targets as Law Society president says some men do not deserve to be senior partners
Law firms should introduce targets to increase the representation of women lawyers in partnership and senior roles, and turn talk of flexible working into reality, a major new report has recommended, with the Law Society president saying that if career progression was based on pure merit, some senior partners would have got nowhere near the top.
Blog
When AI becomes a line on the client’s bill
On 23 June, Legora changed how it charges. The platform announced that its most capable product was moving away from a flat per-seat licence fee to consumption-based pricing
Which legal AI will still matter in 12 months?
Four years ago, when senior partners asked me which legal AI they should buy, I would have walked them through a vendor comparison. Now I tell them the question is wrong.
Supreme Court redraws line between member and employee in LLPs
For anyone advising professional services firms on LLP structuring, and of course for those in LLPs themselves, last week’s Supreme Court ruling is an essential read.
