Alternative business structures
Knights raises £50m from “oversubscribed” IPO
Regional law firm Knights has raised £50m from its initial public offering, valuing the company at £103.5m when it starts trading on AIM on Friday.
Green light for Deloitte expansion after SRA issues ABS licence
Deloitte has been awarded its alternative business structure licence, some five months after announcing that it was to become the last of the Big Four accountancy firms to offer reserved legal activities.
Former hedge fund manager invests in law firm to challenge status quo
A former hedge fund boss who wants a better service for those needing family law services is backing a multi-disciplinary law firm aimed at high net-worth individuals and family offices.
Credit hire and legal services group set to raise £25m from listing
A group bringing together credit hire and legal services is to list on the stock exchange this week. Anexo Group has recently obtained an ABS licence.
DWF weighing up £600m listing on stock exchange
Top-25 practice DWF is considering whether to become by far the largest law firm to list on the London Stock Exchange, it emerged today. The move would galvanise interest in law firms going public.
KPMG hit with £3m fine for Quindell audit failures
Big Four accountant KPMG has been reprimanded and fined £3.15m by the Financial Reporting Council after admitting misconduct in its auditing of former personal injury alternative business structure Quindell. William Smith, KPMG’s ‘audit engagement partner’, was fined £84,000 after an investigation lasting nearly three years.
Numeracy skills “massively more important” for future lawyers, tech pioneer predicts
Numeracy skills will be “massively more important in the new world of legal services delivery”, the co-founder of “legal engineers” Wavelength Law has predicted. He said there would be more solicitors in the future, as new technology and automation generated new kinds of disputes.
And then there were five: ABS pioneer Knights announces intention to float
Pioneering alternative business structure Knights is the latest law firm to announce its intention to float on AIM, pledging to make three acquisitions in the next two years as part of its continuing growth strategy. Once it begins trading in late June, it will become the fifth law firm to list, hot on the heels of City firm Rosenblatt.
Personal pension provider sets up niche ABS
A fast-growing personal pension provider has set up an alternative business structure (ABS) to provide legal services for its portfolio of more than 6,000 commercial properties. Gemma Millard, director of Rivergate Legal, said Curtis Banks had added the ABS to its panel of law firms but “ultimately” the new business could work for anybody.
US-owned medical reports giant buys law firm as part of accident management deal
US-based medical reports giant ExamWorks – which owns leading UK provider Premex – has bought a personal injury firm as part of its acquisition of leading accident management group Kindertons. Jigsaw Law was originally a claims management company but was granted an alternative business structure licence in late 2012.
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Five key issues to consider when adopting an AI-based legal tech
As generative AI starts to play a bigger role in our working lives, there are some key issues that your law firm needs to consider when adopting an AI-based legal tech.
Bulk litigation – not always working in consumers interests
For consumers to get the benefit, bulk litigation needs to be done well, and we are increasingly concerned that there are significant problems in some areas of this market.
ABSs, cost and audits – fixing regulation after Axiom Ince
A feature of law firm collapses and frauds has sometimes been the over-concentration of power in outdated and overburdened systems of control.
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