Alternative business structures

Alternative business structure (ABS) Quindell Portfolio Plc has raised £200m through a share placement to fund “significant growth opportunities” amid other ABS news that has seen the first failure formally consigned to history.

Small and medium-sized law firms are looking to external investment to counter growing concerns about the impact of alternative business structures, new research has found, even though they are recovering well from the effects of recession.

Irwin Mitchell has made its first major move in the personal injury market since rival Slater & Gordon began its acquisition spree by taking over well-known Manchester firm MPH Solicitors, Legal Futures can reveal.

Alternative business structures (ABSs) that are keen to grow by acquisition have failed to make the strides they expected because of the problems of dealing with traditional law firms, it has been claimed.

Changes in the legal market since the Legal Services Act will accelerate, with competition from new providers and cuts in legal aid leading to a “tragic but inevitable” end for non-specialist high street firms, according to the politician who shepherded the Act through Parliament.

An alternative business structure (ABS) licence is the next stage of the evolution of well-known media law firm Wiggin into a media business “of which law is a central cog but not the be all and end all”, its chief executive has explained.

The Solicitors Regulation Authority has imposed a series of conditions on AA Law that aim to control the relationship between the law firm and the breakdown giant’s insurance and claims-handling operations.

Protectionism among the mainland European bars is unlikely to stop determined UK-based alternative business structures from entering their markets, with various avenues open to them, according to new research.

The process of approving alternative business structures seems to be weighted against multi-disciplinary practices and business services firms, it has been claimed. The Legal Services Board also expressed concern over the impact on ABS licensing of senior departures from the SRA.

Over-50s specialist Saga has today been granted an alternative business structure (ABS) licence to launch a joint venture law firm with fellow ABS Parabis Law. It aims to rebalance a market that “appears to be stacked in favour of the provider rather than the consumer”.

The AA will next month launch its own law firm after being granted an alternative business structure licence by the Solicitors Regulation Authority. AA Law will start trading on 1 December as a joint venture between the motoring giant and national firm Lyons Davidson

Not many solicitors’ firms have a corporate helicopter available for use by favoured clients to entertain their own customers, piloted by the multi-millionaire owner. Or a gym. Or a hotel. Welcome to Kidwells Law Solicitors, a new alternative business structure.

The number of alternative business structures (ABSs) licensed by the Solicitors Regulation Authority hit 200 yesterday, but the first ABS liquidation and first licence revocation have tempered any celebrations.

Most aspects of legal services can be delivered nationally and there is still significant potential for big brands to come in and provide large scale, lower cost services, according to a major report into competition in the solicitors’ market.

A Leicester cooperative law firm that offers life coaching in addition to legal services, has obtained an alternative business structure (ABS) licence in order to develop its training arm. Kinetic Law Services Limited is the 199th ABS approved by the SRA.