Alternative business structures
Here comes Elephant Law as Admiral unveils two joint venture ABSs
Admiral Group’s long-awaited legal services strategy was unveiled on Friday after it announced separate joint venture alternative business structures (ABSs) with national firm Lyons Davidson and Cardiff-based Cordner Lewis.
Law firm ABS aims to take on new entrants in their own backyards
A newly licensed alternative business structure is going on the offensive after completing a three-year restructuring plan. Tees Solicitors now plans to take on new entrants to the legal services market by moving into their sectors and attracting external investment.
Does NewLaw have second insurer ABS up its sleeve?
NewLaw Solicitors – which yesterday formally announced an alternative business structure (ABS) with insurance giant Ageas to handle policyholders’ personal injury claims – looks set to unveil a second partnership.
Top insurer launches ABS with personal injury law firm
One of the country’s largest insurance companies yesterday received its alternative business structure licence and has struck a deal with a Cardiff personal injury firm to provide legal services to customers making non-fault claims.
AIM-listed ABS sees "opportunity for growth" in the financial problems of traditional law firms
The financial difficulties facing many law firms offers a real opportunity for growth, AIM-listed alternative business structure (ABS) Abbey Protection has claimed. It announced a 7% rise in turnover in 2012 to £38.7m and 3% increase in profits to £10.3m.
Claims management companies win ABS status as SRA launches referral fee ban guidance
A company that provides both claims management services and legal expenses insurance has joined forces with a law firm in an alternative business structure that needed a waiver to allow a 27-year-old solicitor to be its head of legal practice. It was one of two newly licensed CMCs.
Niche practices eye expansion opportunities after gaining ABS licences
Two niche law firms have outlined their hopes for expansion after receiving their alternative business structure licences from the Solicitors Regulation Authority. One specialises in family law – and owns the divorcesolicitor.com domain – and the other operates in health care.
SRA reveals financial instability indicators as it relaxes rule on reporting non-material breaches
The Solicitors Regulation Authority has outlined the three key financial ‘warning signs’ against which it will assess firms’ financial stability as a key element of its supervisory work over the next year. It is also to end the need for firms to submit an annual report on non-material rule breaches.
Law Society president embraces ABS status
A virtual firm that is looking to share profits with its consultants and a leading personal injury practice have become the latest alternative business structures. Scott Moncrieff & Associates, known as Scomo, was founded by Law Society president Lucy Scott-Moncrieff.
Private investor backs two solicitors’ ABS start-up
Two Manchester solicitors have set up an alternative business structure (ABS) with the backing of a private investor to provide commercial services on fixed fees and retainers. Other new licencees include QualitySolicitors Talbots and midlands law firm Wright Hassall.
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