Alternative business structures

A solicitor and a barrister have joined forces in a start-up alternative business structure (ABS) that will service construction sector clients and has ambitions to employ a range of professionals associated with the building industry.

Personal injury firm Proddow Mackay has launched three alternative business structure (ABS) joint ventures in a bid to change strategy following the referral fee ban as Vamco, the first accident management company to become an ABS, has signed a deal with a large broker.

The role of alternative business structures (ABSs) in helping law firms and others bid for new legal aid ‘super-contracts’ in criminal work was highlighted by the government yesterday as part of radical plans to slash the number of providers by three-quarters.

The first accountancy firm to be granted an alternative business structure (ABS) licence has said it won’t “shoot itself in the foot” by entering the legal market – just yet. Price Bailey has created a legal services business which has been given approval by the Solicitors Regulation Authority.

Cardiff firm NewLaw Solicitors has secured its second joint venture alternative business structure (ABS) in a week after teaming up with fleet management company FMG, Legal Futures can reveal. It follows on from its deal with insurer Ageas.

Admiral Group’s long-awaited legal services strategy was unveiled on Friday after it announced separate joint venture alternative business structures (ABSs) with national firm Lyons Davidson and Cardiff-based Cordner Lewis.

A newly licensed alternative business structure is going on the offensive after completing a three-year restructuring plan. Tees Solicitors now plans to take on new entrants to the legal services market by moving into their sectors and attracting external investment.

NewLaw Solicitors – which yesterday formally announced an alternative business structure (ABS) with insurance giant Ageas to handle policyholders’ personal injury claims – looks set to unveil a second partnership.

One of the country’s largest insurance companies yesterday received its alternative business structure licence and has struck a deal with a Cardiff personal injury firm to provide legal services to customers making non-fault claims.

The financial difficulties facing many law firms offers a real opportunity for growth, AIM-listed alternative business structure (ABS) Abbey Protection has claimed. It announced a 7% rise in turnover in 2012 to £38.7m and 3% increase in profits to £10.3m.

A company that provides both claims management services and legal expenses insurance has joined forces with a law firm in an alternative business structure that needed a waiver to allow a 27-year-old solicitor to be its head of legal practice. It was one of two newly licensed CMCs.

Two niche law firms have outlined their hopes for expansion after receiving their alternative business structure licences from the Solicitors Regulation Authority. One specialises in family law – and owns the divorcesolicitor.com domain – and the other operates in health care.

The Solicitors Regulation Authority has outlined the three key financial ‘warning signs’ against which it will assess firms’ financial stability as a key element of its supervisory work over the next year. It is also to end the need for firms to submit an annual report on non-material rule breaches.

A virtual firm that is looking to share profits with its consultants and a leading personal injury practice have become the latest alternative business structures. Scott Moncrieff & Associates, known as Scomo, was founded by Law Society president Lucy Scott-Moncrieff.

Two Manchester solicitors have set up an alternative business structure (ABS) with the backing of a private investor to provide commercial services on fixed fees and retainers. Other new licencees include QualitySolicitors Talbots and midlands law firm Wright Hassall.