Alternative business structures
Pro bono panel calls for more public legal education and says ABSs may help
It is essential for law firms to offer better public legal education – including getting into schools, according to the Master of the Rolls – while alternative business structures could help pro bono provision, it was claimed at the launch of National Pro Bono Week on Monday.
Co-op to move into family law after hiring high-profile solicitors
Co-operative Legal Services has issued a major signal of intent by recruiting two leading solicitors to launch a family law service next year: Jenny Beck and Christina Blacklaws of TV Edwards, who both hold significant roles in the profession.
CMCs warned over major ABS hitch amid call to close referral fee ban "loophole"
Claims management companies looking to create legal arms as ABSs could fall foul of Solicitors Regulation Authority rules, a former SRA director has warned, while a leading insurance lawyer cautions over a loophole in the referral fee ban.
Mid-sized firms need to be bigger and would accept external cash, says survey
A large majority of partners at mid-sized law firms believe their practices need to grow by at least a third over the next three to five years to remain competitive, with many open to the idea of external investment, a recent survey has shown.
Exclusive: DLA Piper invests in prospective ABS targeted at legal advice for businesses
Top City law firm DLA Piper has invested in a prospective alternative business structure (ABS) that promises to introduce a “market-disrupting” new approach to providing businesses with legal advice, Legal Futures can reveal.
SRA in “serious discussions” with 15 would-be ABSs
The Solicitors Regulation Authority (SRA) is in “serious discussions” with just 15 potential alternative business structures (ABSs), it has emerged. According to the SRA, six different types of organisation have so far shown official interest in becoming ABSs.
Top general counsel attacks external investment and lawyers “putting money first”
Investors can be good for many businesses but not when that business is a law firm, a leading in-house lawyer has warned, expressing particular concern that clients’ interests “may take a backseat to the lawyers’ search for additional capital”.
Mayson: clients may not be as keen on using local law firms as they make out
Solicitors should not rely on clients who express a desire for local, personal services, Professor Stephen Mayson has warned. He also said the “insulting” distinction in law firms between fee-earners and support staff is holding them back.
Innovation and teamwork are “key to ABS survival”
Creativity and collaboration should be the priority for law firms looking to fend off the threats from a liberated legal market, with joint ventures, referral networks and share offerings all possible solutions, last week’s Legal Futures conference was told.
“Inexcusable” ABS delay could cost law firms dear, corporate finance expert warns
The “inexcusable delay” in enabling the Solicitors Regulatory Authority to start licensing alternative business structures could make private investors think twice about entering the legal sector, the Legal Futures conference heard this week.
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