Legal Services Act

The growing interest in alternative business structures (ABSs) among corporate law firms has been highlighted by another survey, with 46% of those polled saying they are likely to use the ABS regime in the next three years.

The Solicitors Regulation Authority is to keep alternative business structures within the coverage of the Law Society’s compensation fund indefinitely, although the move was described as “bizarre” by the Shadow Minister for Justice.

AIM-listed Quindell Portfolio has continued its acquisition spree by agreeing to buy leading claims manager Accident Advice Helpline for £70m – the first major deal involving a claims management company ahead of the referral fee ban next April – as well as yet another law firm.

The outsourcing arm of FTSE 250 construction company Carillion could become an alternative business structure (ABS) as it looks to grow its advice services team beyond in-house and legal aid work, it has emerged.

Sports and media stars will be among the wealthy clients of a new alternative business structure (ABS) which has already made a high-profile legal hire while awaiting its operating licence. BlackStar Legal is associated with the tax and wealth management giant, BlackStar Group.

All lawyers will be able to have their profiles on the Rocket Lawyer website for free from early next year, Legal Futures can reveal. Founder Charley Moore said the company’s mission is to make law more “affordable and simple” for UK businesses and consumers.

The press should look to the legal profession for reassurance that statutory underpinning of regulation does not impinge independence, the Chief Legal Ombudsman and the Law Society have said. There are also some important fundamental principles that should be behind any new regime.

Alternative business structures and external capital will intensify competition but do nothing to stimulate demand in the conveyancing market, a leading Law Society representative has said. Meanwhile, lenders have warned that they expect CQS to be more stringent.

US online legal document service Rocket Lawyer formally launches in the UK today, selling consumers and businesses annual packages starting at £40. Some 20 law firms have signed up to its ‘On Call’ panel, offering a 33% discount on their fees to users.

A Court of Appeal judge has issued a warning over the risk of external investment in law firms leading to “small, imperceptible steps” that could put business interests ahead of professional ethics.