Alternative business structures

Lawyers in the US capital Washington DC are the latest in America to try and remove the ban on ABSs, while the president of the American Bar Association is backing efforts to rethink regulation.

The founders of a new consultant-led law firm are aiming to challenge not only the traditional law firm model but also the current fee-share models which have evolved over recent years.

The joint venture between NAHL plc – which owns marketing network National Accident Helpline – and Bristol-based law firm Lyons Davidson has collapsed, it emerged today.

A US-based legal services provider with a London-based alternative business structure focused on processing  routine contract documents is steadily building its European client base.

The seventh law firm to list – although it describes itself as an asset management consultancy – raised £31.4m as its shares began trading last week. MJ Hudson had a market capitalisation of £98m.

A City law firm that describes itself as an asset management consultancy, providing a wide range of services to alternative fund managers and asset owners, has notified its intention to float on AIM.

Metamorph Law, which has bought eight law firms in the past three years, is planning to list on the stock market in 12-18 months – the first move of its kind for a UK consumer law firm.

Shareholders who claim they were misled by one-time alternative business structure (ABS) Quindell have began legal action over the losses they suffered as a result.

A private investor has provided £1m in start-up funding for a Liverpool litigation boutique and alternative business structure specialising in complex and high-value commercial cases.

Co-operative Legal Services has recorded a 29% increase in turnover in its last financial year as it consolidates its position as the country’s largest probate provider.

A niche alternative business structure working with companies that build the global infrastructure of technology has used it to take on external funding and non-lawyers who can help the business grow.

A boutique law firm catering only for “sophisticated” capital funders is offering what is believed to be the first combined legal, commercial and political advisory service.

Communications giant BT has handed over ownership of its alternative business structure to listed law firm DWF, it has emerged. Meanwhile, an Italian law firm has set up a BSB-regulated ABS.

Transferring the ownership of law firms to employee ownership trusts (EOTs) boosts staff loyalty by giving them more security if the firm is sold, the chief executive of the latest firm to create an EOT has said.

The English arm of international law firm Reed Smith has become an alternative business structure as it looks to “future proof” its practice by offering non-legal services and hiring non-lawyer partners.