Alternative business structures
Surveyors claim ABS first while private equity-backed firm builds multi-disciplinary practice
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
Susskind: ABSs will have international ripple effect and break down protectionism
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
ABS pressures put 2,500 law firms “at risk of failure”
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.
Shareholders back ABS sale
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.
SRA highlights risks in complex business structures and ‘group contagion’
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.
Court agency business becomes ABS
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.
Listed IFA business gains ABS licence to launch law firm
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.
From virtual firm in the garden shed to £2m ABS with big ambitions
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.
Accountants hit back after Law Society protests over ABS regulator bid
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”.
QualitySolicitors firm eyes one-stop shop for professional services after gaining ABS status
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.
Blog
From ‘year zero’ to £6.5m – how a law firm found its second life
In 2018, I hit what I call ‘year zero’. On paper, Olliers Solicitors was a top-tier criminal defence firm but beneath the surface, I could see we were at a crossroads.
Linklaters’ chief growth officer takes the ‘blank sheet’ challenge
In the third and final part of this series, Lucy Murphy, chief growth officer at magic circle firm Linklaters, outlines her vision for the law firm of the future.
The ‘blank sheet’ challenge, part 2 – what would you do differently?
In the second part of this blog series, Shainul Kassam, managing director of small London firm Fortune Law, sets out how she would set up a law firm now.
