Alternative business structures

A niche alternative business structure working with companies that build the global infrastructure of technology has used it to take on external funding and non-lawyers who can help the business grow.

A boutique law firm catering only for “sophisticated” capital funders is offering what is believed to be the first combined legal, commercial and political advisory service.

Communications giant BT has handed over ownership of its alternative business structure to listed law firm DWF, it has emerged. Meanwhile, an Italian law firm has set up a BSB-regulated ABS.

Transferring the ownership of law firms to employee ownership trusts (EOTs) boosts staff loyalty by giving them more security if the firm is sold, the chief executive of the latest firm to create an EOT has said.

The English arm of international law firm Reed Smith has become an alternative business structure as it looks to “future proof” its practice by offering non-legal services and hiring non-lawyer partners.

Top-40 accountancy firm Streets has become the latest to add legal services to its offering with an alternative business structure licence – making it only the seventh top-100 firm to do so.

A cash flow crisis that led to payments to its consultants being withheld and they then leaving as a result caused the collapse of new-model law firm Cubism Law, it has emerged.

A virtual firm alternative business structure aimed at top-end solicitors approaching retirement is white labelling entities to groups of lawyers or overseas practices looking to start up under their own brand.

The future of BT Law is under scrutiny as the communications giant that owns the alternative business structure moves to focus more on its core business, Legal Futures can reveal.

Anexo Group, the listed credit hire and legal services business, is looking to expand beyond road traffic accidents and the North-West and said the demise of other claimant law firms was “great” news.