Alternative business structures

A London firm of chartered surveyors has become an alternative business structure (ABS) with plans for a legal arm, in what is believed to be the first venture of its kind. Meanwhile, private equity-backed ABS Knights Solicitors has hired six planners as it builds a multi-disciplinary offering

American opposition to alternative business structures is about protecting lawyers, not clients, Professor Richard Susskind has suggested. And he predicted that within a decade or so, “most advanced jurisdictions, and many emerging jurisdictions as well, will have liberalised in the manner of England

Competition from alternative business structures (ABSs) has increased pressure on law firms to the point that 2,500 are at risk of financial failure in the coming year, according to business recovery specialists.

The shareholders of online conveyancing business In-Deed – the first listed company to buy a law firm – have approved the plan to dispose of the practice and the rest of its business. Nonetheless, the failure of In-Deed paves the way for “further necessary disruption in the conveyancing market”, it has been claimed.

A lack of transparency in complex business structures and ‘contagion’ from one part of a group to the law firm member are among the potential risks identified today by the Solicitors Regulation Authority in its first-ever risk outlook.

A business that provides court agency and other outsourced services has become an alternative business structure (ABS) in order to meet the demand of its clients. Ashley Taylors in East Sussex is the first business of its type to become an ABS.

A firm of midlands-based financial advisers has received approval to set up an alternative business structure so as to extend its service to existing clients and drive revenue growth. It is a wholly owned subsidiary of listed independent financial advisory and wealth management firm AFH.

A former virtual law firm plans that has grown into a £2m business in four years has unveiled major expansion plans after being granted alternative business structure (ABS) status. “ABS is about thinking that there are no limits,” said its founder.

The Institute of Chartered Accountants in England and Wales has hit back against Law Society objections to its application to become an alternative business structure regulator, claiming the public interest was “built into accountants’ DNA”.

A QualitySolicitors law firm with ambitions to become a one-stop shop for a range of professional services is among new alternative business structures (ABSs) whose licenses become active next month.