Alternative business structures

A specialist litigation law firm with support from an external backer that means it can fund cases itself goes live today as an alternative business structure, Legal Futures can report.

A pioneering shared legal service providing advice to seven councils in the East Midlands is set to create the latest local authority alternative business structure.

The Co-operative – now the UK’s largest provider of probate – recorded a 37% rise in turnover from legal services in 2018, and a 53% jump in profit. Meanwhile, Ince Gordon Dadds has bought another firm.

Defendant law firm Plexus Law has secured a £15m investment from a private equity company that specialises in the services sector. Origin Equity has taken a minority shareholding.

The chairman of an online tile retailer has teamed up with a former director of Cheshire-based Forster Dean to launch a personal injury firm, Step Legal, which opened this week.

The wholly owned alternative business structure being launched next month by NAHL plc is likely take on around 30,000 claims a year by 2023 and generate about £25m in revenue, it has emerged.

Revenue and profits were down last year at NAHL plc, the company behind National Accident Helpline and owner of three alternative business structures, its annual results showed today.

Redde – the accident management group that owns two alternative business structures – saw nearly a quarter of its value wiped out on Friday after losing a major contract.

One alternative business structures combining conveyancing and mortgage advice, and other bringing together legal and corporate finance services are among a range of new licencees.

Almost two-thirds of solicitors active in the main consumer law areas expect their workload to increase over the next year – but there is looming pressure on fees, a survey has found.