Alternative business structures
Legal executives’ regulator sets sights on new practice rights and ABS licensing
The process of enabling chartered legal executives to set up their own practices has begun with their regulator looking for the power to award them rights to conduct litigation, conveyancing and probate without needing the supervision of a solicitor.
Irwin Mitchell set for external capital after receiving ABS licence
Irwin Mitchell has today become the largest law firm to become an alternative business structure and also received the first ‘multiple’ licences. In April 2011 the firm became the first to state its intention to seek external capital.
Northampton law firm becomes latest ABS
A 12-partner law firm with offices in Northampton and Milton Keynes has become the latest alternative business structure. Franklins Solicitors, which has 80 staff in all, provides a range of private client and commercial law services.
Companies facing referral fee ban “embracing opportunities” offered by ABSs
Alternative business structures are not a simple solution to circumvent the impending ban on referral fees, but referrers are starting to see real opportunities to enter the legal market themselves, a leading adviser has said.
Property management company becomes first multi-disciplinary ABS
A London property management company has become the first multi-disciplinary alternative business structure. Crabtree Property Management is also the first company to use the ABS structure to enter the legal services market.
ABSs and City law firms could be a volatile mix to the detriment of all, consultant warns
The advent of huge amounts of “unthinking external capital into the fragile ecosystem of the legal profession” could create many unforeseen and irreversible effects among City law firms, a well-known consultant has warned.
Exclusive: leading non-solicitor probate provider becomes ABS
One of the country’s leading non-solicitor probate providers will today be unveiled as the newest alternative business structure. Kings Court Trust has chosen to be regulated by the Council for Licensed Conveyancers.
Whatever happened to the ProcureCo – part 2
Ian Dodd of the Bar Consultancy Network responds to our article earlier this week on the apparent disappearance of the ProcureCo concept a little over two years after the Bar Council launched it with great fanfare.
Plymouth firm becomes first criminal law ABS
A firm in Plymouth has become the first criminal law practice to become an alternative business structure as the pace of new licences from the Solicitors Regulation Authority continues to step up.
High street firm becomes newest ABS as ‘virtual’ practice seeks licence
Gloucestershire high street firm Langley Wellington yesterday became the latest alternative business structure (ABS). Meanwhile, Berlad Graham has become the latest ‘virtual’ law firm to apply to become an ABS.
Blog
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Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
