Alternative business structures

Simpson Millar to cut 20% of staff in bid to recover from Fairpoint “under-investment”

Greg Cox

National law firm Simpson Millar is set to make at least 20% of its workforce redundant as part of a restructuring that follows its listed parent company going into administration earlier this year. The firm said the changes were designed “to put in place a sustainable cost base following substantial under-investment under the ownership of Fairpoint Group PLC”.

December 12th, 2017

ABS brings non-legal services in-house as “unique selling point in crowded market”

Scott Birchall Smooth ABS

A law firm has relaunched itself as a multi-disciplinary alternative business structure, offering corporate clients legal, accountancy, and business advisory services, with human resources advice set to follow. Its head said being able to offer SMEs more than legal services was a “unique selling point” in a crowded legal marketplace.

December 11th, 2017

Keystone shares jump 20% on first day of trading

Keystone floats 2

Keystone Law made its debut on the London Stock Exchange yesterday and saw its share price jump 20% in the first day of trading. Meanwhile, the UK’s first listed law firm, Gateley, issued a strong trading update, with revenues up 10% over the first six months of the current financial year.

November 28th, 2017

Lawyers more concerned with access to profit than justice, says union boss

Tony Rupa LF Conf 2017

The co-founder of the only wholly owned trade union alternative business structure has described the legal sector as not concerned with the general public’s access to justice but “access to profit”. He said the legal industry still “seems to be obsessed by debt, profit and finance”, with hardly a thought for the client.

November 24th, 2017

Legal Futures Conference: “Third of top 300 law firms will disappear by 2022”

LF conference 2017 Llewllyn-Lloyd and Biles

A third of the top 300 UK law firms will have disappeared by 2022, a law firm finance expert predicted at yesterday’s Legal Futures Innovation Conference. John Llewellyn-Lloyd, who advised London firm Gordon Dadds on its recent flotation, said that by then there would also be at least 10 listed law firms, with a combined capitalisation of £2bn.

November 22nd, 2017

ABS considers listing as it becomes first law firm to join stock exchange growth programme

Gary Gallen Elite

Pioneering alternative business structure (ABS) rradar has become the first law firm to be selected for the London Stock Exchange ELITE programme, which helps innovative new companies grow. Gary Gallen, chief executive of rradar, told Legal Futures that listing was “certainly something we’re looking at”, and being part of the programme would give the firm “all the tools and skills you need to do that effectively”.

November 21st, 2017

Keystone listing will enable “smooth exit” for private equity investor

James Knight Keystone 2

The public listing of Keystone Law will provide its private equity investor with a “smooth exit” once Root Capital chooses to move on, the firm’s chief executive has told Legal Futures. James Knight was speaking in the wake of yesterday’s news that the ‘dispersed’ or ‘virtual’ firm will list on AIM at the end of the month.

November 17th, 2017

Keystone to become third listed UK law firm with £15m placing

James Knight Keystone

Keystone Law – the pioneering ‘dispersed’ law firm made up of 250 self-employed senior lawyers – is set to become the third legal practice to list on the London Stock Exchange’s AIM market, after announcing today that it will raise £15m through the float.

November 16th, 2017

Disruptive ABS declares war on law’s “outdated and inflexible” working patterns, as DWF gains two ABS licences

Richard Turner Alpaca

Multi-disciplinary alternative business structure (ABS) Alpaca is continuing with its efforts to disrupt legal and other professional services by declaring war on traditional working patterns and offering flexible working to all staff – and making three board-level hires as a result.

November 16th, 2017

Jordans ABS prepares to take on world after rapid growth

Debbie Farman Jordans

The head of the alternative business structure set up by company formations specialist and legal publisher Jordans has set its sights on international expansion. Debbie Farman said Jordans Corporate Law was “a concept we can replicate globally”, after growing its turnover from £67,000 in 2014 to £1.1m this year.

November 3rd, 2017