Market monitor

Alternative business structure Quindell’s bullish response to recent criticism has extended to the company now exploring the possibility of a dual listing in the US. However, Quindell’s share price has still to recover much of the ground lost in the last fortnight.

The North East Growth Fund (NEGF) is investing £150,000 in one of the country’s most specialised ABSs to pay for systems upgrades and new staff training provision.

Outsourcing giant Capita can complete its purchase of Optima Legal and Cost Advocates after the SRA today granted Optima an alternative business structure license.

Consumer demand for lower costs means the divide between solicitors and barristers will not be sustainable, the managing director of Slater & Gordon has predicted. Andrew Grech also told sceptics of his firm’s publicly listed status that business structures do not protect ethics.

Pioneering legal business Riverview Law has been granted an alternative business structure (ABS) licence, enabling it to own Riverview Solicitors. As of 1 June, Riverview Solicitors will merge into Riverview Law.

Six directors of alternative business structure Quindell plc – including the chairman and vice-chairman – have invested in extra shares as a display of confidence in the company.

A leading claims management company (CMC) has launched what is believed to be the first ever CMC partnership with a set of chambers. First4Lawyers has struck an agreement with Exchange Chambers.

Quindell plc is outperforming its two closest alternative business structure comparators – Slater & Gordon and NewLaw Solicitors – the AIM-listed company has told the market. Quindell also insisted that its model complies with the referral fee ban.

Quindell plc has begun legal action against those it believes have co-ordinated a “shorting attack” on its shares, the alternative business structure announced this morning.

Firms that are adapting to the way the legal market is changing “will have to face the hard truth that their actions today won’t be understood for years”, an investigation into the future of the law has concluded.

Fast-expanding multi-office law firm HCB has joined forces with a firm of accountants in a bid to provide “joined-up professional services”. HCB chief executive Mike Gahan has taken a 51% stake in Hatch.

The prospect of law firms opening offices in supermarkets has become a reality in Canada, with a practice opening three within stores of retail giant Walmart amid plans to take the concept ‘coast to coast’.

The world’s largest lawyer rating website could be heading for the UK after raising £22m in new capital, Legal Futures can reveal. Avvo, a US-based company, applies its proprietorial rating to more than 97% of lawyers in America.

Alternative business structure Quindell plc moved to reassure the stock exchange yesterday after a negative research note sent its share price plummeting. Having started the day at around 40p, Quindell’s shares on AIM fell as low as 17p before recovering somewhat to 23.75p.

The number of applications for grant of probate by personal applicants has risen for the third year running, raising questions about the impact of new entrants to the market, according to new figures.