Alternative business structures

Your Legal Friend, a trading name of Liverpool law firm Camps Solicitors, has confirmed that it has launched its long-awaited shareholder group action against Quindell plc.

A Canadian report on alternative business structures has issued a cautious verdict on majority non-lawyer ownership, judging the model to be as yet unproven, based on the experience so far in England and Wales and Australia.

The shareholders who sold national law firm Simpson Millar to Fairpoint Group plc in June 2014 have received their full £3m earn-out after the practice exceeded its first-year financial targets. Fairpoint paid an initial £7m in cash – on a debt-free, cash-free basis – and 1.4m shares in the group.

A barristers’ chambers is set to launch an alternative business structure to help it obtain international work, because it will give the appearance of a solicitors’ firm to foreign clients who do not understand direct access.

Leading accountancy firm Kingston Smith has been granted a wide range of waivers from Solicitors Regulation Authority rules as part of its groundbreaking transfer of alternative business structure regulator. We also have ABS news from Fletchers, Express Solicitors and Legal Recoveries & Collections.

A pioneering business services company that was one of the first in the world to sell corporate information online has launched an alternative business structure, with ambitions to add a range of legal services to its offering.

Leading accountancy firm Kingston Smith has become the first alternative business structure (ABS) to switch regulators after being granted a licence by the Solicitors Regulation Authority.

Improving market conditions saw Gateley record revenue growth of 11.5% and profits up 32% in its last financial year, the listed law firm told the stock exchange today. Becoming a public company is helping to differentiate the firm, improve its profile and aid recruitment, it also told investors.

A North West alternative business structure has launched the latest in a series of branded businesses calculated to appeal to its commercial clients and strengthen the bond between them and the firm.

The first independent financial adviser to set up a law firm from scratch has added an estate agency to work alongside its alternative business structure. Leicester-based Bobby Dhanjal Legal Services has also brought its first trainee solicitor through to qualification.

Irwin Mitchell has said it is “not involved” in discussions with private equity firm Duke Street to buy part of the Parabis Group, contrary to reports in the Sunday Times. The group admitted today that it has held “discreet discussions with other like-minded businesses” as it considered options to restructure its business.

The slow recovery of Co-operative Legal Services remains on track after it announced a “small underlying profit” of £200,000 for the first six months of 2015. In the same period last year, the poster-child of alternative business structures recorded a £5.1m loss.

Two listed companies that own significant alternative business structures – Redde and Fairpoint – both announced strong results to the stock exchange today. Turnover at accident management group Redde, which owns NewLaw Solicitors, was up 26% to £249m, while gross profit nearly doubled to £23m.

International law firm DAC Beachcroft’s Claims Solutions Group, which employs 900 people across the UK, became an alternative business structure yesterday. Craig Dickson, chief executive of the group, said the move would help it respond to the “fluid” legal claims market.

A firm of accountants based in rural East Anglia has become an alternative business structure regulated by the Solicitors Regulation Authority. Churchgate Accountants said the move was in response to demand from clients, including farmers.