Alternative business structures

A British PhD student, a Polish accountant and a Brazilian lawyer have come together to form a unique alternative business structure, the first to specialise in Islamic finance.

One of Europe’s largest debt purchasers has acquired a Welsh law firm that specialises in outsourced advocacy following the grant of an alternative business structure (ABS) licence by the Solicitors Regulation Authority.

The Solicitors Regulation Authority has granted KPMG 12 waivers from the rules governing solicitors, in what appears to be a work-around ahead of proposed new rules that will make it easier for multi-disciplinary practices to become alternative business structures.

Top-20 firm Kingston Smith has become the first accountancy firm to be licensed as an alternative business structure by the Institute of Chartered Accountants in England and Wales to carry out probate work.

Hampshire law firm Moore Blatch has teamed up with national spinal injury charity Aspire to launch the first alternative business structure of its kind. Aspire Law will open for business on 3 November, offering a specialist service to people with spinal cord injuries.

KPMG has become the second member of the ‘Big Four’ accountants to be awarded an alternative business structure licence. However, unlike PwC, KPMG said it has no intention of developing a standalone legal practice.

Stuart Gillespie, founder of recruitment company G2 Legal, has set up a commercial law alternative business structure with his in-house solicitor, Lucy Tarrant. They are partners in Cognitive Law LLP.

The Solicitors Regulation Authority has reined in its ambitions for massive internal powers to fine solicitors and ‘traditional’ law firms, applying to increase the current £2,000 limit to £10,000.

Solicitors Regulation Authority plans to make it easier for multi-disciplinary practices to be licensed as alternative business structures will give the large accountancy firms a competitive advantage, the Law Society has claimed.

The Legal Ombudsman has introduced a policy for dealing with complaints about organisations which provide non-legal as well as legal services, such as some alternative business structures and, shortly, accountants who offer probate advice.

The board of the Solicitors Regulation Authority today approved a series of measures to further its regulatory reform programme, including making it easier for multi-disciplinary practices to become alternative business structures.

The Bar Standards Board (BSB) is not expecting the introduction of entity regulation to lead to many barristers joining forces in a single business, it has emerged.

Outsourcing giant Quindell has claimed victory in a libel action against Gotham City Research, an American company which triggered a collapse in Quindell’s share price by publishing a highly critical report.

Co-operative Legal Services (CLS) has announced an operating loss of £5.1m in the first half of 2014, a 70% increase on last year. However, there is no sign of the Co-operative Group selling it off.

Oracle Capital Group, a global family and wealth consultancy based in Luxembourg, is launching an ABS. The aim is to offer legal advice to its international clients, many of whom are entrepreneurs or business owners conducting transactions in or relocating to the UK.