Market monitor

The first corporate law firm in the world to go public is eyeing up opportunities in the UK, Legal Futures understands. Integrated Legal Holdings has until now been an aggregator of boutique corporate, tax and private client firms across Australia.

A specialist industrial disease law firm in the north-west is looking to convert to an alternative business structure to take advantage of a period of extraordinary growth. Fee income doubled to £7m and staff numbers quadrupled to 170 over the last year.

Jacoby & Meyers – which claims to be the largest full-service consumer law firm in America – is to create a joint venture alternative business structure as a vehicle to acquire UK law firms and become a “significant” player over here.

The first alternative business structure to market itself as a firm offering both legal and accountancy services has been licensed by the Solicitors Regulation Authority. Direct Law & Finance Ltd is a firm of solicitors and accountants based in Brentford, west London.

Direct Line Group – which last month announced plans to launch its own legal business – made a final £6.1m in referral fees from solicitors this year before the ban was introduced on 1 April, its half-year results have shown.

Countrywide plc has reported a “promising first half trading performance” for its conveyancing division, with income up 4% and earnings 12%. Countrywide Property Lawyers is an alternative business structure regulated by the Council for Licensed Conveyancers.

Liverpool-based SGI Legal has set its sights on reshaping the way personal injury law firms operate having received its alternative business structure licence from the Solicitors Regulation Authority.

Knights Solicitors – the Staffordshire law firm backed by former Dragon James Caan – has pledged to make further acquisitions after buying the Chester office of Hill Dickinson.

Well-known legal expenses insurer ULR Additions has won approval to set up an alternative business structure. However, the license from the Solicitors Regulation Authority restricts the work LEI Legal Services Ltd can undertake.

A new ‘find a lawyer’ service just launched in America has designs on coming to the UK next year, Legal Futures can reveal. The long-term goal of LawVisors is to be a “legal ecosystem” for lawyers and clients alike.

The Jackson reforms, legal aid changes and stagnant corporate work drove a record year in law firm mergers during 2012, according to new research. Strategic mergers could help convince creditors that solicitors remain a good credit risk, it also suggested.

The managing partner of private equity-backed Knights Solicitors has reinforced his short-term plans after investor James Caan revealed ambitions to gatecrash the UK’s top 20 law firms. Mr Cann outlined long-term acquisition goals to send the £10m turnover Staffordshire firm soaring.

The venture capitalists already invested in the UK’s first alternative business structure have added one of the country’s largest probate and estate administration providers to their portfolio, Legal Futures can reveal.

Famous logistics company Stobart Group now has a law firm to sit alongside its direct access barrister service, Legal Futures can reveal. The Solicitors Regulation Authority has granted an alternative business structure licence to One Legal Ltd, which was set up by the company.

Direct Line Insurance Group plc is to partner with alternative business structure Parabis Law to launch a wholly owned law firm, it announced yesterday. The insurer will offer a range of injury and non-injury services to existing and new customers.