Alternative business structures

CILEx Regulation seeks to reassure Lord Chief Justice over alternative business structures

Lord Justice Burnett

CILEx Regulation has moved to reassure the Lord Chief Justice over his concerns about its application to license alternative business structures. The regulator of chartered legal executives said that it would only look to regulate firms “that are relatively low risk and straightforward”.

April 20th, 2018

Double ABS boost for Yorkshire

Barry Khan First North Law

North Yorkshire County Council has become the latest local authority to set up an alternative business structure (ABS) with the launch of First North Law. It comes as one of the country’s largest ABSs – Enact Conveyancing – has significantly expanded its presence in Yorkshire, creating 160 new jobs.

March 22nd, 2018

Legal marketing giant to set up “small claims ready” ABS

Russell Atkinson

Legal services marketing giant NAHL is to create a third alternative business structure this year, which will focus on helping injured people navigate small claims if and when the government’s whiplash reforms happen in April 2019. The news comes against the background of its 2017 annual results, which showed revenue up but profit down sharply.

March 21st, 2018

Regional firm becomes ABS to accelerate growth plans and allow chief executive to invest

neil_walker Red Kite

A law firm with offices across south Wales and Gloucestershire has become an alternative business structure to assist ambitious plans to exceed its rapid growth in 2017 and enable its non-lawyer chief executive to become an investor.

March 13th, 2018

“Christians first, solicitors second” – Evangelical churches in ABS first

Gemma Adam

The Fellowship of Independent Evangelical Churches (FIEC) has set up an alternative business structure to provide legal services to its 500 member churches and other Christian groups. Edward Connor Solicitors, a charity regulated by the Solicitors Regulation Authority, went live on 1 March and is named after FIEC’s founder, Edward Poole-Connor.

March 7th, 2018

ABSs top the 1,000 mark as research highlights changing face of legal market

injury2

New competition since the introduction of alternative business structures, along with client demands is changing the face of the legal market, research has suggested, with the number of ABSs now topping 1,000. It also showed that 44% of law firms are now incorporated companies, while the number of traditional partnerships shrinking to only 17%.

February 20th, 2018

ABS update: Clifford Chance buys would-be ABS, private client firm enters regulation, PE-backed firms expand

Angus Houston

The plan by Carillion Advice Services to become an alternative business structure looks to be at an end after the business was bought by magic circle firm Clifford Chance. We also report on two private equity backed ABSs that have used their financial muscle to expand, and a private client firm that has decided to enter regulation with the CLC.

February 15th, 2018

Exclusive: ABS starts to build portfolio of “local hero” law firm acquisitions

David Sedgwick Echelon

An alternative business structure launched at the end of last year to invest in profitable “local hero” law firms, has already taken over one practice this year and is on the verge of taking a share in another. London-based Echelon Law offers back-office support and has a particular focus on firms of one to three partners.

February 1st, 2018

Law firm ownership “completely irrelevant” to risk, says SRA director

Legal Futures Conference Nov16: Innovation

The ownership structure of law firms is “completely irrelevant” when assessing risk, a director of the Solicitors Regulation Authority said yesterday. Crispin Passmore also reaffirmed the regulator’s determination to change the approach to the minimum cover limit for professional indemnity insurance.

January 25th, 2018

Solicitors and technologists form CLC-licensed ABS to launch digital conveyancing venture

Ricardo Mapp dos Anjos Juno ABS

An alternative business structure set up by ex-government IT specialists has launched an online service that hopes to harness technology to simplify the conveyancing process. The co-founders of Juno Property Lawyers have worked on some of the highest-profile government IT projects and hired two senior solicitors.

January 23rd, 2018