Market monitor

Co-operative Legal Services made a loss of £22m in 2013 when the impact of a slower rate of growth than previously planned for is taken into account, the group announced today.

The number of alternative business structures (ABSs) has passed 300, with a major international business support services company with offices around the world among the latest to achieve the status.

Law firms are starting to see the opportunities in small claims after Liverpool firm Morecrofts launched a flat-fee service, allied with unbundled pieces of advice, to aid potential claimants.

The launch of the mortgage market review will have a “dramatic impact” on the conveyancing industry, resulting in further polarisation, one of the country’s leading property firms has predicted.

AIM-listed Fairpoint Group wants to see its soon-to-be-acquired law firm, Simpson Millar, become a recognised consumer legal brand, its chief executive has told Legal Futures. He also confirmed that its financial backing will enable Simpson Millar to accelerate acquisition activity.

Leading law firm network LawNet is set to expand after appointing well-known banker Chris Marston as its new chief executive. Mr Marston, currently head of professional practices at Lloyds Banking Group, will start in the new role in July.

Christina Blacklaws, who has spearheaded the development of Co-operative Legal Services, left the alternative business structure at the end of last month, Legal Futures can reveal.

Kent County Council’s legal services team is expecting a bumper response from law firms and other legal services providers after starting a unique procurement exercise for a joint venture partner within an alternative business structure.

An AIM-listed consumer financial services business is to acquire national law firm Simpson Millar – which had last year looked like being bought by Slater & Gordon – for £15m.

A virtual firm launched yesterday which hopes to attract 50 corporate and commercial lawyers billing a total of £15m a year by 2019. Carbon Law Partners aspires to the success of virtual law firms such as Keystone Law and Setfords.

QualitySolicitors has teamed up with a mediation provider to offer a fixed-fee legal solution for the type of small claims disputes that it said most “shortsighted” law firms will not touch. It said law firms were missing out on potential clients of the future.

A solicitor has merged her law practice with the family estate agency and finance business in an alternative business structure that is thought to be the first in Cumbria.

Alternative business structure Quindell plc is spending nearly £150m a year in upfront case acquisition costs, it has emerged. The AIM-listed group is also developing a “collaboration protocol” with insurers that will lead to the pre-payment of legal costs.

A pioneering alternative business structure (ABS) has become one of the first legal practices to introduce employee ownership, while also developing a new form of billing that will see it agree a profit margin with clients, Legal Futures can reveal.

A FTSE-250 wealth management company is to launch an alternative business structure (ABS), it has emerged. The ABS is owned by Rathbone Brothers plc, a venerable City institution whose origins date back to 1742.