Alternative business structures
Slater & Gordon clears final hurdle as FCA approves Quindell acquisiton
Slater & Gordon’s £637m acquisition of Quindell’s professional services division has cleared its final hurdle after regulatory approval was granted by the Financial Conduct Authority. The transaction is now unconditional and on track for completion “shortly”.
SRA finally taken off report over way it handles ABS applications
The Legal Services Board has finally taken the Solicitors Regulation Authority off ‘report’ over how it is handling the approval of alternative business structures, with the number of licenses it has issued now topping 400.
Listing law firms urged to learn lessons of accountancy consolidators
Gateley and other law firms looking to go public must show they can avoid the costly mistakes the accountancy consolidators made when tried stock market listings, a leading commentator has warned.
High Court rejects challenge to closure of ABS from solicitor who “lost ethical compass”
The High Court has rejected a challenge to the closure of an alternative business structure by the Solicitors Regulation Authority. It was the first time an ABS closure decision has been tested in the High Court.
Gateley eyes acqusitions as it says listing will give “first-mover advantage”
National law firm Gateley has today formally announced its intention to float on AIM, saying the “first mover advantage” it will gain by being the first listed law firm will provide “a platform to expand and diversify”.
Gateley confirms that work has begun on becoming first listed law firm
National law firm Gateley has confirmed reports that work to become the first publicly listed law firm is underway after it appointed bankers to advise on a £130m float on AIM this summer.
Cambridgeshire financial advisers use ABS to buy law firm
Cambridgeshire financial advisers Beacon Wealth Management have used an alternative business structure to buy a local law firm. Tony Larkins, managing director of Beacon, said it had always been his aim to own a law firm and accountancy practice.
BSB promises “lighter weight and less costly” regulation as it applies to licence ABSs
The Bar Standards Board has promised to provide “lighter weight and less costly” regulation than its rivals as it applied to become a regulator of alternative business structures last week. “Many potential entities” wanted to “exploit the greater flexibility” that operating as an ABS could provide.
The solicitor will see you now: British Medical Association sets up ABS for doctors
The British Medical Association (BMA) has launched a ground-breaking alternative business structure to service the legal needs of its 154,000 members, Legal Futures can reveal.
NewLaw vendors receive final £5m pay-out for sale to Redde plc
The owners of NewLaw Solicitors have received an issue of shares worth £5.16m as final consideration for its acquisition by Redde plc. Law firm-owning Fairpoint Group and Slater & Gordon have also issued stock market announcments.
Blog
A new era of legal operations
What we are seeing in the UK legal market is extraordinary change that will greatly influence how firms operate and compete for years to come.
Strong AML controls are meaningless with incomplete data
One expectation as the FCA takes control of anti-money laundering oversight is a move towards more supervision rather than simply writing new rules.
Navigating the legal AI productivity-profitability paradox
Firms are achieving efficiencies through AI, especially in the practice of law. Yet many are struggling to see that reflected in their financial outcomes
