Alternative business structures

The world’s first listed legal practice, Australia’s Slater & Gordon, is to enter the UK market after agreeing to buy national law firm Russell Jones & Walker for £53.8 million. All of RJW’s principals will continue to work in the new business and are becoming shareholders in S&G.

Leading welfare-to-work business A4e is planning to offer both consumers and businesses a broad range of legal services at a “more affordable” cost than currently seen in the market, it has confirmed.

The Legal Services Board’s “unduly detailed approach to oversight” risks undermining professional independence, the Law Society president has claimed. John Wotton also argued that alternative business structures have “no magic bullet in competitive terms”.

Liverpool law firm Silverbeck Rymer is set to become the first legal practice acquired by a listed company, it was announced this morning. AIM-listed Quindell Portfolio plc is to spend £19.3m on the leading personal injury firm.

National law firm Irwin Mitchell has named the former vice-chairman UK of PricewaterhouseCoopers its chairman-designate as it continues preparations to become an alternative business structure.

Co-operative Legal Services (CLS) has begun staffing its family division after launching what it described as the largest recruitment drive in its history. CLS is looking to appoint up to 150 new positions. It currently has around 400 staff.

Everyman Legal – the ‘virtual’ practice that last October became the first law firm to announce its intention to seek admission to a stock exchange – has announced plans to pioneer “business hub franchises” for solicitors.

More than 10 prospective alternative business structures completed the first stage of the Solicitors Regulation Authority’s application process on the first day, the authority has revealed. SRA figures show that it will spend a minimum of three days considering applications.

Alternative business structures will make solicitors’ firms “more competitive, more accessible and more efficient”, justice minister Jonathan Djanogly claimed today as the Solicitors Regulation Authority opened its doors to the first ABS applications.

The Intellectual Property Regulation Board (IPReg) is set to apply to become an alternative business structure licensing authority, it has emerged. A scoping document published last week lays out the process required to be designated in October 2013.

Our regular round-up includes reports that Admiral is considering becoming an ABS, the SRA starting work on the referral fee ban, Labour’s latest LASPO amendments, the Information Commissioner mulling powers to force law firm audits, and a warning over getting involved in land-banking.

A number of companies are looking at registering their legal departments as alternative business structures (ABSs) in a bid to turn their in-house function into profit centres, it has been claimed. But there are difficulties to be addressed.

Consumers are generally happy with high street conveyancers and by contrast very cool about the idea of going to a big brand to help them move house, a major new opinion poll has found. YouGov surveyed 1,959 people who had bought a house in the last two years.

Co-operative Legal Services has confirmed that it intends to submit its bid to become an alternative business structure on 3 January 2012 – the day the Solicitors Regulation Authority will begin accepting applications.

Big four accountancy firm PwC is to explore whether to absorb its associated law firm and become an alternative business structure. Legal services is the one area of the firm’s work where it is not able to operate as a totally integrated practice.