Alternative business structures

Lender panels, rather than alternative business structures (ABSs), are the main threat to conveyancing businesses, new research has found. Interest among conveyancers in becoming an ABS also appears to be falling.

A not-for-profit venture capital business that promotes innovation is set to invest in a start-up law firm targeting the technology sector, Legal Futures can reveal. The unusually named Atypical Law Firm will this week submit its ABS application.

A London chambers has become the first alternative business structure licensed by the Solicitors Regulation Authority that does not have any solicitors. Richmond Chambers LLP is a niche immigration set that focuses on direct access work.

A new insurance business that will also offer wills, probate and family law services is set to go live after its law firm received an alternative business structure licence. It is the first insurance/law firm tie-up that does not involve personal injury claims.

The viability of using alternative business structures as a means to offer criminal legal services under the government’s price competitive tendering scheme is questionable, a report by consultants Deloitte has warned.

In-deed Online plc – the first listed company to buy a law firm – is now set to become the first alternative business structure (ABS) casualty after announcing plans to sell the practice back to one of its founders along with the rest of the online conveyancing company’s business.

Meerkats entered the law today as BGL Group – one of the UK’s leading insurance intermediaries and owner of the comparethemarket.com website – received its alternative business structure licence to acquire Yorkshire personal injury law firm Minster Law.

The legal arm of a publicly quoted human resource consultancy boasting global blue-chip clients has been granted an alternative business structure (ABS) licence. 3HR plc offers Asian multinational companies an outsourced employment business support service

An alternative business structure (ABS) that aims to offer fixed-price legal services to the sports and media star clients of a wealth management group, is poised to open its doors. BlackStar Legal is associated with BlackStar Group.

Small firms should consider the benefits of alternative business structure (ABS) status as a way to handle succession planning, the senior partner of one of the latest licensees has said. “ABS means we can end our practising certificates and still own the firm,” he explained.

Employee ownership of law firms is an opportunity to get the best young lawyers into early equity and minimise risk, according to Neil Kinsella, Slater & Gordon UK’s chief executive, as he outlined how the sector could respond to the changing legal landscape.

Well-known personal injury law firm Gorman Hamilton has launched a twin-track approach to life after LASPO, part of which has been to form an alternative business structure (ABS) in which a credit hire company has a minority stake.

Big legal businesses such as Co-operative Legal Services and Quindell “will all fail”, according to leading alternative business structure (ABS) critic Kerry Underwood. However, he welcomed the possibilities opened up by external capital for existing legal practices.

Plans to grow a criminal legal aid firm that has just received its alternative business structure licence – potentially through external investment – are on hold pending the outcome of the government’s current reform plans, according to its head of legal.

There needs to be greater control of alternative business structures (ABSs) set up by insurance companies to “ensure appropriate behaviour” and even a ban on ABSs operating in the small claims court, AXA Insurance has told MPs.