Alternative business structures

A one-stop shop for SMEs launched this week has set itself the goal of changing both the way legal and financial services are delivered and the way professionals work. By employing a “doubly disruptive philosophy”, it might be possible to break free not only of traditional business models but of traditional labels such as lawyer or accountant, the firm says.

Slater & Gordon is to sue the company formerly known as Quindell for £600m on the basis that, but for fraudulent misrepresentation, it would not have agreed the deal that has almost brought the listed law firm to its knees.

A leading provider of consultancy and expert witness services to the engineering sector has launched an alternative business structure (ABS) in a bid to add regulated legal services to its offering for corporate clients. The company is headed by the former senior partner of Wragge & Co.

Fast-growing alternative business structure Knights Professional Services is on the look-out for its next acquisition and ‘second city’ location – as well as more non-legal services – after unveiling an increase of more than 60% in turnover over the past year to £33.5m.

One of the country’s largest personal injury practices has highlighted the benefits of being an alternative business structure owned by a large business after the write-off of a multi-million pound inter-company loan, and an £11m cash injection, helped it turn a huge loss into a profit in its last financial year.

A chartered legal executive has launched a start-up alternative business structure specialising in personal injury but with ambitious plans for expansion into a variety of legal areas, including sports law.

A local authority in Surrey is eyeing up an alternative business structure so it can “commercialise” its legal services in the wake of a partnership with another council coming to an end. Our latest ABS round-up also includes a virtual firm looking for investment to expand, a major deal for a leading probate ABS and a heavyweight appointment.

An innovative Cardiff law firm has secured an alternative business structure (ABS) licence as it looks to private equity to expand what it offers the mergers and acquisitions market beyond legal services, with its corporate financier chairman also becoming a shareholder.

A second alternative business structure license handed to a FTSE-250 wealth management company has highlighted a law firm acquisition three years ago that went virtually unnoticed. It was given to Rathbone Trust Legal Services, part of Rathbone Brothers plc, a City institution with origins dating to 1742.

Co-operative Legal Services recorded a 22% jump in turnover in 2016 and tripled its profit as it continues to recover from the difficulties it experienced in previous years. The legal services operation is also to be brought together with the Co-op’s funerals business to create a Life Planning division.