Market monitor

A staid profession is a dead profession, a solicitor turned high street entrepreneur has warned, telling lawyers that they need to change the way they do things. However, Sahar Hashemi – the one-time City solicitor who went on to found Coffee Republic – said law firms should not panic.

Well-known personal injury law firm Gorman Hamilton has launched a twin-track approach to life after LASPO, part of which has been to form an alternative business structure (ABS) in which a credit hire company has a minority stake.

Plans to grow a criminal legal aid firm that has just received its alternative business structure licence – potentially through external investment – are on hold pending the outcome of the government’s current reform plans, according to its head of legal.

The newest listed law firm in Australia – and the third biggest personal injury practice in the country – is eyeing up an acquisition in the UK, it has emerged. The fast-growing Shine Lawyers listed last week and saw its share price instantly increase by a half.

Alternative business structure Quindell Portfolio plc has seen its share price recover ground after it fell by more than a half in less than a week. Meanwhile, ABS and leading personal injury firm Fentons has announced record turnover for the last financial year.

Alternative business structure Brilliant Law has claimed an advance in the online sale of legal services to SMEs by tailoring each one to the needs of the purchaser for no extra fee – with solicitors even taking payment for them over the phone.

As the UK’s first alternative business structure, Premier Property Lawyers has more claim than most to be a pioneer. As we restart our Legal Pioneers series profiling innovative legal services providers, Sam Chadderton talks to Kevin Smith

A defendant insurance law firm is to join forces with commercial claims handlers and loss adjusters within an alternative business structure to provide an outsourced service to insurance companies for professional indemnity claims.

Riverview Law, the fixed-priced commercial law business, has signed a strategic alliance with south-east firm DMH Stallard that will see the pair pitch jointly for new business. Riverview is also applying for an alternative business structure (ABS) licence.

Alternative business structure Quindell Portfolio has issued a “further clarification” over its financial position in a bid to stem a continuing slump in its share price. Quindell shares rallied this morning, having fallen by more than half last week.

A top north-west alternative business structure (ABS) has continued its expansion by moving into London. Fresh from its ABS licence approval in January, Stephensons is seizing on the “flexibility” of its new structure to muscle in on the London conveyancing market.

AIM-listed alternative business structure Quindell Portfolio has been forced to issue a statement that it knows of “no valid reason” for the sudden 45% fall in its share price. It was trading at 13.25p at the end of last week, but since issuing its 2012 results on Tuesday, the price had fallen to 7.34p.

National firm Shakespeares has become one of the largest law firms to date to become an alternative business structure. The ambitious firm, led by chief executive Paul Wilson, has been on the acquisition trail in the last five years, with six mergers.

The number of alternative business structures approved by the Council for Licensed Conveyancers has risen to 35 in recent weeks, but several of the new licensees have branded the process as “unnecessary” and delivering “no benefit” to their businesses.

North-west firm Antony Hodari has purchased litigation specialist Tandem Law in further evidence of personal injury practices diversifying in the wake of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 coming into force.