Alternative business structures
ABSs and fixed fees are answer to charities' legal advice deficit, says consumer panel report
Alternative business structures could be decisive in helping smaller charities access legal advice with fixed fees, according to research which shows many lack understanding of their legal needs and cannot afford solicitors.
America poised to embrace LDPs – but go no further towards ABSs
America last week moved a major step closer to introducing a version of legal disciplinary practices (LDPs), while ruling out multi-disciplinary practices. The American Bar Association has noted the “remarkable” growth of LDPs in England and Wales.
SRA fires the starting gun for ABS applications
The Solicitors Regulation Authority will begin accepting licensing applications for alternative business structures from 3 January 2012, with the first successful ones announced within around six weeks, it announced today.
Accountants' ABS ambitions hit by new EU audit rules
The ambitions of larger firms of accountants to offer legal services have become more complicated after the European Commission announced plans to stop auditors offering non-audit services. If it becomes law, the move will lead to the break-up of the ‘big four’ accountants into audit and consultancy businesses.
Law firm investor in talks with more than 25 practices
The first business to announce its intention to invest in law firms has already spoken to more than 25 interested practices, it has revealed. However, In-Deed’s half-year results have revealed a very slow start to its online conveyancing business, with only 120 instructions in four months.
DAS buys Everything Legal as it prepares for ABS conversion
Legal expenses insurer DAS has taken the next step in its preparations to become an alternative business structure by acquiring online legal services company Everything Legal, which owns legal advice website Law on the Web. It will give DAS a strong direct route to market.
Regional accountancy firm unveils plan to become ABS
A regional firm of accountants is planning to become an alternative business structure (ABS). Becoming an ABS will allow Spofforths to improve the private client service currently provided by an in-house legal team and in time become a legal brand in its local market.
LASPO critics ignoring impact of ABSs on changing the legal profession, minister claims
Lawyers complaining about the Legal Aid, Sentencing & Punishment of Offenders Bill have not considered the impact of ABSs in changing the way the legal profession works, justice minister Lord McNally said yesterday. However, the second reading of the bill raised the possibility of a concession over removing clinical negligence from legal aid and of further regulation of third-party funding.
SRA on track after ABS regime clears final parliamentary hurdle
The final legislative obstacle to the Solicitors Regulation Authority licensing alternative business structures was removed on Tuesday when the House of Lords approved secondary legislation on non-lawyer owners’ disclosure of criminal convictions and appeals against ABS licensing decisions.
Profit margins slide at big firms as ABSs hove into view
Profit margins among all but the elite of the top 100 law firms have dropped significantly over the past five years, new research has revealed, with the introduction of alternative business structures set to pressure them even more.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
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.
