Alternative business structures
Fast-growing Midlands firm becomes ABS
DBS Law, a fast-growing general civil practice based in Birmingham, has become an alternative business structure as it looks to build on its dramatic growth over recent years.
Here come the Americans: LegalZoom gains ABS licence
US online legal services provider LegalZoom – which claims to be the best-known legal brand in America – has today become the first US business to be licensed as an alternative business structure.
Senior partner who became direct access barrister sets up alternative business structure
David Hassall, a senior partner turned barrister whose career mirrors recent changes in legal services, has set up an alternative business structure – which he intends to operate on a ‘John Lewis’ profit share model.
SRA to stay on report over ABS licensing
The Legal Services Board still has “concerns” about the way the Solicitors Regulation Authority approves applications for alternative business structures and will not be ending its monitoring for the time being, it has emerged.
LSB foresees increased turbulence in market as more firms enter, exit and merge
There is set to be increased turbulence in the legal market, with more new entrants, consolidation and the exit of those who cannot adapt, the strategy director of the Legal Services Board has predicted.
Consumer panel: “remarkable innovation” in the market but is deregulation going too far?
The Legal Services Consumer Panel today expressed concerned that “the recent emphasis on deregulation… is being taken too far”, while also praising the innovation seen to date through alternative business structures.
Exclusive: ABSs and other ‘NewLaw’ businesses form lobbying group
The first body to represent alternative business structures and other new-style legal practices has been launched, Legal Futures can reveal. The ABS & NewLaw Advisory Council is chaired by Jenny Beck of Co-operative Legal Services.
March of the accountants, part 3: EY gains ABS licence
The march of accountancy firms into legal services took a further step today when EY announced it had obtained a license from the Solicitors Regulation Authority (SRA) to set up an alternative business structure.
LSB may end SRA monitoring as turnaround time for ABS applications improves
The average time taken by the Solicitors Regulation Authority to approve alternative business structure applications has fallen to an average of three months, it has emerged. As a result the Legal Services Board may end its formal monitoring of the authority’s progress.
Keystone Law outlines post-investment growth plans
‘Dispersed’ firm Keystone Law has set out an ambitious growth strategy for the firm in the wake of taking external investment, which will see it more than double the number of its offices.
Blog
On good authority? GenAI and the reputational risks to law firms
As GenAI’s influence grows, so do the risks which are already playing out in courtrooms across England and Wales, where some early adopters are setting precedents they would rather not.
Why this is the year for law firms to embrace generative AI
After more than a year of pilots, proofs of value and early experimentation, firms are increasingly embedding AI into day-to-day workflows.
Client account interest is not spare change
The proposed Interest on Lawyers’ Client Accounts scheme is being framed as a sensible, international, “tried and tested” way for the profession to help fund a justice system under strain.
