Alternative business structures

A City-based law firm next week launches an alternative business structure (ABS) to offer employers a range of human resources consulting and ‘employee engagement’ services, integrated with its existing legal practice.

There is so far little evidence that alternative business structures (ABSs) will spawn large numbers of multi-disciplinary practices (MDPs), and those that do are likely to be accountancy led, it was claimed yesterday.

The operational end of the Solicitors Regulation Authority needs to keep pace with those at the top of the organisation who “embrace and encourage legal business innovation”, and not stymie the type of development the Legal Services Act is supposed to promote, the head of one of the major ABSs has said.

A leading personal injury practice has become the latest law firm to obtain an alternative business structure licence as part of its preparations for the impact of the Jackson reforms. Co-founder David Bott is the immediate past president of APIL.

Our latest round-up of news you need to know includes the SRA launching an investigation into the conduct of solicitors after the Hillsborough disaster, the latest ABS licences, PC renewal details, and a bid to ensure high standards of complaints handling among conveyancers.

Lenders’ panel selection decisions, rather than alternative business structures (ABSs), are the main cloud hanging over the conveyancing industry, according to new research. Only a fifth are planning or considering becoming an ABS.

Defendant insurance firm Keoghs has struck a deal to accept external investment once it receives its alternative business structure licence, it has confirmed. The firm said the funding will help accelerate its growth plans.

A proposed £50,000 cap on compensation claims against alternative business structures licensed by the Intellectual Property Regulation Board is too restrictive, it has been argued as the board prepares to become an ABS licensing authority.

The only UK law firm focusing exclusively on handling liability claims for self-insured companies has become the latest alternative business structure (ABS) and plans to use the status to help it take on larger competitors.

The Legal Services Board yesterday laid out how it will monitor the impact of alternative business structures and other reforms on access to justice. The attempt to “baseline” access to justice and to evaluate change over time proposes 18 measures.

A will-writer is planning to use his new alternative business structure (ABS) licence to expand into the conveyancing market, Legal Futures can report. Further, an IFA is planning a specialist multi-disciplinary ABS with a law firm focusing on the over-55s.

The residential conveyancing department of a Leicester law practice has left the firm to become an alternative business structure, while a sole practitioner targeting lender panels and a personal injury practice in Cheshire have also gained licences.

Lawrence Cook, director of marketing and business development at Thesis Asset Management – which was once owned by and is still linked to south-east law firm Thomas Eggar – outlines their experience of joint ventures with solicitors.

A specialist public sector law firm is eyeing up external investment so as to fund expansion, as well as strategic partnerships with others to secure market share, after becoming the newest alternative business structure.

A Liverpool-based practice has become the first specialist family law firm to become an alternative business structure. Tracey Miller Family Law will use its new status to allow business development manager Anthony Hool to take a minority stake in the firm.