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Lawyers are “in denial about what customers hate about law firms” and it will take entrepreneurs from outside the profession to deliver the wholesale change to the business model that is required, the founder of Freeserve claimed last week.

Around 100 firms of accountants are expected to become alternative business structures, the Institute of Chartered Accountants in England and Wales said today as it unveiled its draft application to become a regulator of legal work.

A growing number of small and mid-sized law firms are looking at raising external capital, but many need to address failings in basic business planning first, new research has found. It also identified £20m as the turnover point when a law firm turns into a real business.

Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.

The alternative business structure landscape is finally stirring into life with a rash of eye-catching and some downright left-field players emerging into the light. Some are well predicted, with the Co-operative Group making the boldest play and seeking mass distribution through major customer centres around the country and up to 3,000 new staff. Others, like Eddie Stobart, underline how fluid the picture could be.