Alternative business structures

A mutual marine liability insurer covering the smaller vessel sector has launched an alternative business structure to service member and non-member clients, with the object of reducing claims and not generating profit.

The goal of promoting innovation and diversity in the provision of legal services through the introduction of alternative business structures “has been realised”, joint research by the Legal Services Board and Solicitors Regulation Authority has concluded. Across the market, innovation is used to extend service range, improve service quality, and attract new clients – but is “not typically used” to lower costs.

An ambitious Merseyside practice has obtained an alternative business structure licence as part of plans to start a round-the-clock “concierge service for SMEs”, and to kick-start its overseas expansion into southern Spain, targeting the British ex-pat community.

North-west personal injury firm Thorneycroft Solicitors has been granted an alternative business structure licence by the Solicitors Regulation Authority as part of a major restructuring of its operations.

A major international consultancy specialising in research and development grants and tax credits has launched an alternative business structure to offer a wider range of employment law services to its SME clients.

An alternative business structure (ABS) set up by well-known legal expenses insurer ULR Additions has been closed down as part of a shift in business strategy by its new owners. Our round-up of ABS news also reports on expansion at Knights, a strategic move by Ascent and new partnership for Co-op Legal Services.

A team of legal executives who were once a debt recovery arm of Eversheds, has launched an alternative business structure to bring litigation in-house under the supervision of its FILEx head of legal practice.

The second alternative business structure to be set up by a US firm in the UK is considering a merger with a firm of forensic accountants, Legal Futures can reveal. Foran Glennon (UK) specialises in insurance work.

Partners in newly listed law firm Gateley will be able to sell 10% of their shares each year from next June as part of their five-year lock-in, it has emerged. The admission document that Gateley published as trading began in its shares this week revealed a plethora of detail about its operation.

The price of shares in Gateley rose in early trading today as it broke historic new ground as the first UK law firm to list on the stock exchange. The AIM-listed business, which listed at 95p, saw its shares reach 110p initially before easing back to 99p by close of trading.

Manchester-based Express Solicitors has bought 450 personal injury cases in pre-pack deal with a Cheshire sole practice. A spokesman for Express said Ashfields was now insolvent.

External investment rather than the number of alternative business structures is the key to changing the legal profession, a former president of the Law Society has said. Meanwhile, well-known ABS Knights has changed structure to retain more of its profit.

The Solicitors Regulation Authority has licensed a unique Chinese-owned alternative business structure targeting Chinese companies looking to invest abroad. It has been set up in association with Exeter-headquartered law firm Michelmores.

National law firm Gateley is looking to raise £30m from its imminent listing on AIM, documents filed at the London Stock Exchange today have revealed. The firm is due to list on 8 June with a market capitalisation of £100m.

The lengths to which the Solicitors Regulation Authority goes to approve people involved in alternative business structures has been highlighted by the case of a six-month-old baby.