- Wednesday, 3 November 2010
The Law Society has begun laying down the red lines beyond which it will not be able to support alternative business structures (ABSs), Legal Futures can reveal. The society’s regulatory affairs board has highlighted a variety of issues that it expects to see addressed if it is to judge the arrangements for ABSs satisfactory, including effective controls on the fitness to own of prospective external owners.
Tags: ABS, Alternative business structures, fitness to own, MDP, multi-disciplinary practice, separate business rule
Posted in Alternative business structures, News, Solicitors
It will be a great pity if any policymakers are influenced by this report because it suffers from some serious flaws and misinterpretations of what is going on in England and Wales.
In the absence of full-scale office-based working, law firms and corporate legal departments will need to find new ways of ensuring collaboration and knowledge sharing among their legal professionals.