Alternative business structures

A specialist motorbike and moped accident management company has successfully applied for an alternative business structure licence in order to take in-house personal injury work that is currently outsourced.

A barristers’ chambers that forms part of a law firm group is amongst the latest crop of new alternative business structures approved by the Solicitors Regulation Authority. The SRA has now issued 90 licences, including multiples for firms with different entities.

The rule which prevents solicitors and alternative business structures from hiving off non-reserved legal work into unregulated businesses risks making legal services more expensive, distorting competition and preventing innovation, the Legal Services Board has warned.

The Solicitors Regulation Authority is reviewing its approach to licensing alternative business structures one year on from the start of the regime, with a much speedier process for low-risk entities one of the likely outcomes, Legal Futures can reveal. It has also reported increasing interest in multi-disciplinary practices.

An East Midlands firm of independent financial advisers is building a law firm from scratch to provide a one-stop shop for clients after obtaining an alternative business structure licence. Bobby Dhanjal Wealth Management has launched Bobby Dhanjal Legal Services Limited.

Co-operative Legal Services will launch a ‘Learning Academy’ later this year that will offer all staff training for a range of skills and qualifications, including becoming solicitors and chartered legal executives.

Vamco has become the first accident management company to buy a law firm after being awarded an alternative business structure (ABS) licence. The Surrey-based business has acquired Kingsley Law, previously part of the Nesbit Law Group.

National law firm Simpson Millar is eyeing up the acquisition of non-legal businesses as part of its expansion plans now it has secured an alternative business structure (ABS) licence, it has revealed.

Commercial law firm Bristows has been granted an alternative business structure (ABS) licence, becoming the largest City practice so far to have taken the plunge. The 34-partner, 74 fee-earner firm is best known for its intellectual property work,

Virtual law firm Excello Law has become the second legal practice to join forces with ex-Dragon’s Den star James Caan as part of its bid to become the leading supplier of legal services to the SME sector. The firm has joined Knights Solicitors in Mr Caan’s Hamilton Bradshaw portfolio of companies.

The latest personal injury law firm to become an alternative business structure is eyeing up the opportunity of offering insurers a specialist white-label service, it has emerged. Without the status, “you can’t get off the starting blocks,” said its chief executive.

The Solicitors Regulation Authority is again lobbying the government to raise the amount it can fine traditional law firms after its previous attempt to catapult the limit from £2,000 to £250m was rejected last autumn. The revelation came in a consultation on proposed fining guidelines.

A law firm that has innovative web-based personal injury brands, including those directed at the building trades and taxi drivers, is to investigate external investment after winning its alternative business structure (ABS) license.

Admiral Insurance and national law firm Lyons Davidson – which received its alternative business structure licence in November – are having talks about linking up, but it will not involve the law firm being acquired, Legal Futures can report.

The government does not intend to extend legal professional privilege to non-lawyers, the Ministry of Justice confirmed yesterday after accountants urged Parliament to level the playing field for multi-disciplinary entities.