Market monitor

A blue-chip wealth management company has set up an alternative business structure (ABS) to add legal to its mix of services, and is also eyeing up potential acquisitions to boost its client base.

The involvement of big brands like BT and KPMG is evidence that alternative business structures have the resources and expertise to encroach on the work done by larger law firms, a top banker has predicted.

The UK’s top law firms have become increasingly sceptical about listing on the stock market or taking on private equity investment, according to new research.

The prospect of the ‘big four’ accountants challenging the City status quo moved up another notch today after EY hired a senior lawyer to build a “legal capability” in the UK.

Irwin Mitchell has signalled its intention to grow “substantially” in the coming years after securing a £60m four-year finance package with three major UK banks. The deal also includes a £30m ‘accordion’ facility for further finance if required for a big transaction.

LexisNexis UK has been licensed by the Solicitors Regulation Authority as an alternative business structure (ABS) to launch a compliance business combining content, technology and advisory services.

There is no reason why you need a law firm to carry out many of the tasks that traditional firms have previously handled, the group general counsel of BT has warned. Dan Fitz also revealed that it was looking to expand the work handled by BT Law, the company’s ABS.

Small firms and sole practitioners may turn out to be the stars of the legal services revolution, according to a survey which this week claimed it has identified among them a new breed of successful and entrepreneurial lawyer.

Berwin Leighton Paisner has sought to be raise the bar for innovation in the City with the launch of a four-pronged ‘Integrated Client Service Model’. It combines process mapping, outsourcing, ‘virtual transaction teams’, and the opening of a ‘legal services delivery team’ in Manchester.

Innovative legal practice Radiant Law has moved to an in-sourcing model for some of its work by opening an office in South Africa last week – while also applying for an alternative business structure licence to enable a leading retailer to become its chairman.

Allianz has become the latest insurance company to set up an alternative business structure, launching ALP Law LLP in partnership with specialist personal injury firm Serious Law.

Admiral Group is the overwhelmingly dominant partner in the joint venture alternative business structures (ABSs) it has set up with law firms Lyons Davidson and Cordner Lewis, the insurer’s annual results have shown.

The law firm acquired last week by accident management giant Helphire believes it has secured its place in a future slimmed-down personal injury market, and will be one of the ‘last men standing’ now it can offer a one-stop shop.

Leading accident management company Helphire Group plc has acquired alternative business structure (ABS) pioneer New Law in a deal that could ultimately be worth more than £40m.

American consumer law firm Jacoby & Meyers, which last year laid out ambitious plans for the UK, will take a twin-track approach to expansion, with both branded offices and affiliations with existing practices, its newly appointed chief executive has revealed.