Alternative business structures
Legal expenses insurer closes down ABS – plus ABS news from Knights, Ascent and Co-op
An alternative business structure (ABS) set up by well-known legal expenses insurer ULR Additions has been closed down as part of a shift in business strategy by its new owners. Our round-up of ABS news also reports on expansion at Knights, a strategic move by Ascent and new partnership for Co-op Legal Services.
Eversheds debt recovery spin-off plans ABS expansion while Midlands start-up looks to US
A team of legal executives who were once a debt recovery arm of Eversheds, has launched an alternative business structure to bring litigation in-house under the supervision of its FILEx head of legal practice.
Exclusive: American ABS considering merger with accountants
The second alternative business structure to be set up by a US firm in the UK is considering a merger with a firm of forensic accountants, Legal Futures can reveal. Foran Glennon (UK) specialises in insurance work.
Gateley partners will be able to sell some shares during lock-in period
Partners in newly listed law firm Gateley will be able to sell 10% of their shares each year from next June as part of their five-year lock-in, it has emerged. The admission document that Gateley published as trading began in its shares this week revealed a plethora of detail about its operation.
A moment of legal history as investors start trading law firm’s shares
The price of shares in Gateley rose in early trading today as it broke historic new ground as the first UK law firm to list on the stock exchange. The AIM-listed business, which listed at 95p, saw its shares reach 110p initially before easing back to 99p by close of trading.
Express Solicitors buys 450 personal injury cases in pre-pack deal
Manchester-based Express Solicitors has bought 450 personal injury cases in pre-pack deal with a Cheshire sole practice. A spokesman for Express said Ashfields was now insolvent.
External investment the key to changing profession, former Law Society president says as firm becomes ABS
External investment rather than the number of alternative business structures is the key to changing the legal profession, a former president of the Law Society has said. Meanwhile, well-known ABS Knights has changed structure to retain more of its profit.
Unique ABS aims to capitalise on push by Chinese companies to invest overseas
The Solicitors Regulation Authority has licensed a unique Chinese-owned alternative business structure targeting Chinese companies looking to invest abroad. It has been set up in association with Exeter-headquartered law firm Michelmores.
Gateley set to raise £30m from AIM listing, as Slater & Gordon’s acquisition of Quindell completes
National law firm Gateley is looking to raise £30m from its imminent listing on AIM, documents filed at the London Stock Exchange today have revealed. The firm is due to list on 8 June with a market capitalisation of £100m.
SRA investigated baby with ‘material interest’ in ABS
The lengths to which the Solicitors Regulation Authority goes to approve people involved in alternative business structures has been highlighted by the case of a six-month-old baby.
Blog
Mind the (justice) gap: Why are RTAs going up but claims still down?
The gap between the number of road traffic accident injuries and the number of motor injury claims continues to widen, according to the latest government data.
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.
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