Alternative business structures
Keystone Law takes private equity investment
Leading ‘dispersed’ law firm Keystone Law has taken £3.15m investment from boutique private equity firm Root Capital in return for a 35% stake in the business. It will in part be used to buy out founding partner Charles Stringer.
Kent council seeks ABS partner for £100m-plus joint venture
Kent Legal Services – the legal division of Kent County Council – has formally launched its bid for outside investment by issuing a tender for a commercial partner with which it will form a joint venture/alternative business structure.
Admiral Law records strong start to life as insurer/law firm ABS
Admiral Law – the alternative business structure (ABS) joint venture between Admiral Insurance and national law firm Lyons Davidson – made a gross profit of nearly £3m in its first seven months of trading, the company’s first accounts have revealed.
LSB attacks “arbitrary nature” of separate business rule
The Legal Services Board has attacked the “arbitrary nature” of the separate business rule used by the Solicitors Regulation Authority, and said the list of what is permitted and what is not is “confusing”.
Law firms “increasingly worried” by threat of ABSs and non-solicitor competitors
Competition from alternative business structures and non-solicitor organisations is of increasing concern to law firms, Law Society research has revealed. At the same time, compliance with Solicitors Regulation Authority rules remains the main problem identified by solicitors.
East London ABS the first to specialise in Islamic finance
A British PhD student, a Polish accountant and a Brazilian lawyer have come together to form a unique alternative business structure, the first to specialise in Islamic finance.
Top European debt purchaser buys specialist advocacy law firm
One of Europe’s largest debt purchasers has acquired a Welsh law firm that specialises in outsourced advocacy following the grant of an alternative business structure (ABS) licence by the Solicitors Regulation Authority.
KPMG granted wide-ranging waivers from SRA rules
The Solicitors Regulation Authority has granted KPMG 12 waivers from the rules governing solicitors, in what appears to be a work-around ahead of proposed new rules that will make it easier for multi-disciplinary practices to become alternative business structures.
March of the accountants, part 2: ICAEW announces first ABS licence
Top-20 firm Kingston Smith has become the first accountancy firm to be licensed as an alternative business structure by the Institute of Chartered Accountants in England and Wales to carry out probate work.
Law firm and charity join forces in groundbreaking ABS
Hampshire law firm Moore Blatch has teamed up with national spinal injury charity Aspire to launch the first alternative business structure of its kind. Aspire Law will open for business on 3 November, offering a specialist service to people with spinal cord injuries.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
