Alternative business structures
Liverpool firm “open to external capital” as it gains ABS licence
A Liverpool firm that describes itself as “very open-minded” about external investment is one of a pair of firms to receive the latest alternative business structure (ABS) licences from the Solicitors Regulation Authority.
Law Society set for confrontation with ICAEW over ABS application
The Law Society will challenge the application by the Institute of Chartered Accountants in England and Wales to become an alternative business structure regulator, Legal Futures can report. The question of separating regulation and representation is a key bone of contention.
ABSs to the fore as Quindell claims 15% of PI market and Countrywide sees profits rise
Quindell Portfolio, the alternative business structure that has acquired three law firms in the past 12 months, will have “15% of the UK market for personal injury claims” this year, it has claimed. Meanwhile, another major ABS – Countrywide Conveyancing Services – has reported profits of £8m for last year, up 4% on 2011.
Neuberger warns against risk of profits before principles in the ABS world
The president of the Supreme Court has urged the legal profession not to lose sight of its fundamental principles in the rush for modernisation, warning about the risks of pressure from “hard-nosed businessmen” who may invest in law firms.
First construction ABS as global consultancy buys law firm to offer multi-disciplinary service
An alternative business structure licence has opened the door to a global consultancy that project manages aspects of some of the world’s largest infrastructure and energy projects buying a specialist construction law practice.
Motorbike accident management company becomes ABS
A specialist motorbike and moped accident management company has successfully applied for an alternative business structure licence in order to take in-house personal injury work that is currently outsourced.
Latest crop of ABSs eye external investment and non-legal services
A barristers’ chambers that forms part of a law firm group is amongst the latest crop of new alternative business structures approved by the Solicitors Regulation Authority. The SRA has now issued 90 licences, including multiples for firms with different entities.
Legal Services Board presses SRA not to shackle law firms and ABSs delivering non-reserved work
The rule which prevents solicitors and alternative business structures from hiving off non-reserved legal work into unregulated businesses risks making legal services more expensive, distorting competition and preventing innovation, the Legal Services Board has warned.
SRA eyes quicker ABS application process as interest in MDPs strengthens
The Solicitors Regulation Authority is reviewing its approach to licensing alternative business structures one year on from the start of the regime, with a much speedier process for low-risk entities one of the likely outcomes, Legal Futures can reveal. It has also reported increasing interest in multi-disciplinary practices.
Bobby dazzler as financial advisers become first to launch own law firm
An East Midlands firm of independent financial advisers is building a law firm from scratch to provide a one-stop shop for clients after obtaining an alternative business structure licence. Bobby Dhanjal Wealth Management has launched Bobby Dhanjal Legal Services Limited.
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