Alternative business structures
Edmonds tells lawyers to get off their high horse about non-lawyers’ impact on their ethics
It is “demeaning” to suggest that non-lawyers becoming involved in alternative business structures are less likely to be ethical, the chairman of the Legal Services Board claimed last night. David Edmonds also pointed to a string of scandals involving lawyers.
ABS-in-waiting unveils £120m contract with top insurance intermediary
A leading insurance intermediary has agreed a £120m contract with the proposed alternative business structure (ABS) being put together by Quindell Portfolio. Quindell is awaiting SRA approval for its acquisition of Liverpool law firm Silverbeck Rymer.
Regulators and professional bodies strike MDP deal
Twelve regulators and professional bodies from the legal, accountancy, financial and property sectors have finally signed a formal agreement aimed at co-ordinating the oversight of multi-disciplinary practices.
Council plans joint venture ABS with law firm to target public sector clients
Kent Legal Services – the legal arm of Kent County Council – is planning to launch an alternative business structure in conjunction with regional law firm Geldards, it has emerged.
SRA hanging in-house lawyers out to dry with unclear ABS rule, Law Society claims
Solicitors Regulation Authority is acting unreasonably by leaving it to in-house lawyers to decide whether the law requires that their legal teams become alternative business structures, the Law Society has claimed.
Slater & Gordon awarded ABS licence as it unveils plans for further UK acquisitions
The Solicitors Regulation Authority has given Australia’s Slater & Gordon the green light to take over Russell Jones & Walker after granting it the fifth alternative business structure licence. The move will kick-start a strategy that will include further acquisitions.
New ABS targets joint ventures with insurers
A law firm that aims to offer a white-label personal injury service to insurers and brokers yesterday became the Solicitors Regulation Authority’s fourth alternative business structure, and first in Wales.
ABSs will spark City “litigation revolution” and de facto fusion, says SRA chief
The UK is on the cusp of a “litigation revolution” involving boutique alternative business structures offering externally-funded contingency fee deals, according to the chairman of the Solicitors Regulation Authority, speaking at yesterday’s Legal Futures conference.
American bar ditches bid to introduce non-lawyer ownership of firms
The American Bar Association has dropped plans for any changes to its policy prohibiting the non-lawyer ownership of law firms. Having rejected more radical ideas such as ABSs, it had proposed a form of legal disciplinary practice.
Non-lawyer ownership of law firms “will do a disservice” to clients, claim top general counsel
Any form of non-lawyer ownership of law firms is bad for clients, nine leading general counsel have claimed. The group of US-based in-house lawyers said they also detected no great interest in or need for non-lawyer ownership.
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