Alternative business structures

A will-writer is planning to use his new alternative business structure (ABS) licence to expand into the conveyancing market, Legal Futures can report. Further, an IFA is planning a specialist multi-disciplinary ABS with a law firm focusing on the over-55s.

The residential conveyancing department of a Leicester law practice has left the firm to become an alternative business structure, while a sole practitioner targeting lender panels and a personal injury practice in Cheshire have also gained licences.

Lawrence Cook, director of marketing and business development at Thesis Asset Management – which was once owned by and is still linked to south-east law firm Thomas Eggar – outlines their experience of joint ventures with solicitors.

A specialist public sector law firm is eyeing up external investment so as to fund expansion, as well as strategic partnerships with others to secure market share, after becoming the newest alternative business structure.

A Liverpool-based practice has become the first specialist family law firm to become an alternative business structure. Tracey Miller Family Law will use its new status to allow business development manager Anthony Hool to take a minority stake in the firm.

Two of the country’s best-known conveyancing practices have become alternative business structures, while an insolvency and litigation practice has also achieved ABS status.

Two of the UK’s first alternative business structures – Slater & Gordon and Co-operative Legal Services – have reported strong increases in income, although profits at the Co-op have been hit by its expansion plans.

The Solicitors Regulation Authority has placed controls around the Parabis Group’s offshore operation in South Africa, it has emerged. Parabis received its alternative business structure licence yesterday.

The Legal Services Board has warned regulators not to go further than the legislative requirements for the impending ban on referral fees in personal injury, calling for “a liberal approach” that does not prevent alternative business structures effectively circumventing it.

Duke Street today became the first private equity firm to own part of a law firm after the Parabis Group received its alternative business structure licence, the twentieth so far issued by the Solicitors Regulation Authority.