Alternative business structures
Quindell spending £150m a year on upfront case acquisition
Alternative business structure Quindell plc is spending nearly £150m a year in upfront case acquisition costs, it has emerged. The AIM-listed group is also developing a “collaboration protocol” with insurers that will lead to the pre-payment of legal costs.
FTSE-250 wealth manager awarded ABS licence
A FTSE-250 wealth management company is to launch an alternative business structure (ABS), it has emerged. The ABS is owned by Rathbone Brothers plc, a venerable City institution whose origins date back to 1742.
SRA unveils plans to encourage multi-disciplinary ABSs
“Radical changes” to the authorisation and supervision of alternative business structures are on the cards after the Solicitors Regulation Authority expressed concern that the number of applications from multi-disciplinary practices has been “in the tens rather than hundreds”.
Multi-disciplinary ABS eyes law firm acquisitions
A blue-chip wealth management company has set up an alternative business structure (ABS) to add legal to its mix of services, and is also eyeing up potential acquisitions to boost its client base.
ABSs “have potential to challenge leading law firms”
The involvement of big brands like BT and KPMG is evidence that alternative business structures have the resources and expertise to encroach on the work done by larger law firms, a top banker has predicted.
Top firms turn backs on stock market listing and private equity cash
The UK’s top law firms have become increasingly sceptical about listing on the stock market or taking on private equity investment, according to new research.
Here come the accountants, part 2: EY to enter legal market
The prospect of the ‘big four’ accountants challenging the City status quo moved up another notch today after EY hired a senior lawyer to build a “legal capability” in the UK.
LexisNexis awarded ABS licence to launch compliance service
LexisNexis UK has been licensed by the Solicitors Regulation Authority as an alternative business structure (ABS) to launch a compliance business combining content, technology and advisory services.
BT legal chief warns firms of new entrant threat as its ABS eyes expansion
There is no reason why you need a law firm to carry out many of the tasks that traditional firms have previously handled, the group general counsel of BT has warned. Dan Fitz also revealed that it was looking to expand the work handled by BT Law, the company’s ABS.
Edmonds urges Law Society and Bar Council to accept change in interests of their members
The attitude of “some in positions of immense responsibility” in the legal profession represents a “direct threat” to an innovative future for legal services, the chairman of the Legal Services Board has claimed.
Blog
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Professional indemnity insurance renewal is often treated as an annual pricing exercise. But it is also a chance to show how effectively you identify, manage and mitigate risk.
The AI governance gap in law firms and why it matters now
A third of law firms are already using AI tools with no formal policy in place to govern how AI gets used, what data goes into it, or who’s accountable when something goes wrong.
Information isn’t oversight – lessons from the PM Law review
The PM Law review’s real findings perhaps point to a failure mode applying to any organisation sitting on scattered risk information.
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