Alternative business structures
Government rejects profession’s call for convictions check on all ABS partners
The government has rejected a call from the legal profession that partners in alternative business structures should have to disclose all convictions and cautions, even if spent. But the SRA is still on track to start licensing ABSs in early 2012.
Big brands will have “huge advantage” because they know their customers
Big brand entrants to the legal market will have a “huge advantage” because of their vast client databases, the Chief Legal Ombudsman has warned. Adam Sampson said new entrants have an acute awareness how to utilise their existing clientele.
Law firm mergers to accelerate in 2012, predicts investment bank
The legal market has “enormous scope for consolidation and this is as opportune a moment as there will be to invest” in it, a new report has claimed. Espirito Santo Investment Bank said 2012 will see the “acceleration” of merger activity.
Djanogly: paying referral fees to be a regulatory offence
The ban on referral fees will not be a criminal offence and is to be enforced by the legal profession’s regulators instead, justice minister Jonathan Djanogly announced yesterday. Work is also underway to cut the £1,200 payable to solicitors under the RTA portal.
Revealed: SRA ABSs clear final hurdle with non-lawyer owners facing convictions check
Non-lawyer investors in alternative business structures will have to disclose any previous convictions, even if spent, to pass the ‘fit and proper owner’ test, Legal Futures can reveal. It was the last major hurdle to the full adoption of ABSs.
Exclusive: top conveyancing practice becomes the first ever ABS
Legal Futures can reveal that Premier Property Lawyers – one of the largest conveyancing businesses in the country – has today become the first ever alternative business structure as the new regime finally gets underway.
‘Virtual’ law firm breaks historic ground with plan for stock market admission
A ‘virtual’ law firm has today become the first UK solicitors’ practice to announce its intention to seek a stock market admission so as to fund growth and attract more solicitors to the business. Everyman Legal will become an alternative business structure when it can.
Legal Pioneers: Whale Rock – the business that cannot wait to become an MDP
The latest instalment of our Legal Pioneers series looks at the Whale Rock Professional Services Group, which has legal, accountancy and company secretarial arms. Clients already enjoy the benefits of the one-stop shop, writes Dan Bindman, but becoming an MDP will help considerably.
Mayson: LSA to encourage “transfer market” for non-lawyer chief executives
A “transfer market” of law firm chief executives should emerge in the post-Legal Services Act world, Professor Stephen Mayson has predicted, especially if lenders and investors insist on appointing their own choice of management team as a condition of their financial support.
Insurers offered ‘white label’ ABS to revolutionise motor claims process
A leading law firm and an accident management company have joined forces to offer insurance companies and brokers a ‘white label’ alternative business structure combining legal and non-legal operations to revolutionise motor claims processes.
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.
