Alternative business structures
Lawyers expect more MDPs and big brands to enter market – and they’re not happy about it
Lawyers expect the opening up of the legal market to lead to more multi-disciplinary professional services companies, offering consultancy, business and legal advice, research has shown.
SRA: law firms should be allowed to provide accountancy services
Law firms should be able to provide accountancy and other services without setting up separate businesses to help them compete with alternative business structures, the Solicitors Regulation Authority has proposed.
Lawyers will be seen in future as “small part of diverse legal ecosystem”
Regulated lawyers should be viewed in the future as “a small part of an increasingly diverse ecosystem”, the Legal Services Consumer Panel has said in a report being launched at today’s Legal Futures Annual Conference.
One in four top-250 firms mulling external investment
Almost one in four top-250 law firms are considering securing some form of external equity investment, according to a survey. The highest proportion said they would look to raise between £5m and £20m, many to fund acquisitions.
BSB says sorry for slow march towards new business structures
The Bar Standards Board has apologised for the “inordinately slow” progress in implementing Legal Services Act changes that will enable barristers to practice in novel ways, as it set out a timetable for broadening its reach into entity regulation.
ABSs “should have to commit to pro bono work” as part of licensing process
The grant of licences to alternative business structures (ABSs) should be contingent on firms agreeing to undertake pro bono work, a Liberal Democrat peer suggested last night.
Kennedys becomes second largest law firm to convert to ABS status
City firm Kennedys has become the second largest law firm to become an alternative business structure (ABS) after being awarded a licence by the Solicitors Regulation Authority. The firm said the licence will allow greater opportunities for growth.
“Do not dismiss ABSs,” Lord Judge tells criminal law barristers
Lord Judge, the former Lord Chief Justice, has warned criminal law barristers that the “old-fashioned chambers structures must be reconsidered” and they must not dismiss alternative business structures “out of hand”.
Groundbreaking accountancy ABS targets broader range of legal services
The first firm of accountants to become an alternative business structure (ABS) licensed by its own regulator is planning to extend the range of legal services it offers, its senior partner has revealed.
SRA’s “flexible” approach to MDPs backed by LSB
The Legal Services Board has backed a new “flexible” approach by the Solicitors Regulation Authority aimed at making it easier for multi-disciplinary partnerships to become licensed as alternative business structures.
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