Alternative business structures
Manchester firm ties up joint venture with insurer as law centres win ABS exemption extension
A Manchester law firm has launched a joint venture alternative business structure (ABS) with one of its major insurer clients. Meanwhile, the transitional exemption from ABS licensing currently afforded to not-for-profit organisations has been extended indefinitely.
Brilliant Law closes multi-million pound funding round
Brilliant Law, the alternative business structure that was set up with investment from BetFair founder Bert Black, has just received a further seven-figure cash injection. One of the new investors, lawyer turned investment banker Jag Mundi, has also joined as a non-executive director.
ABS bids to leverage clients’ trust of solicitors to expand into non-legal services
The trust that solicitors engender among their clients should be leveraged, with other services operating under legal professionals’ banner within alternative business structures, according to the head of one of the newest ABSs.
LSB chair calls on Law Society and SRA to stop “spats”
The chairman of the Legal Services Board has criticised the “continuing spats” between the Law Society and Solicitors Regulation Authority. David Edmonds also praised the improvements made by the SRA to the process for licensing alternative business structures.
‘ABS to the shires’ targets membership worth £13bn
An alternative business structure with access to clients with assets of more than £13bn has been launched by the Country Gentlemen’s Association, whose members who are mainly landowners, farmers, and retired military personnel.
Strong results for the UK’s first ABS
The country’s first alternative business structure and largest conveyancing business revealed strong annual results yesterday. Premier Property Lawyers – which became an ABS on 6 October 2011 – is part of My Home Move, which also has a panel management operation.
Capita gears up for further expansion after Optima acquisition
Capita, the outsourcing giant that yesterday announced plans to buy a law firm, remains on the acquisition trail and is also looking for a top-20 law firm to partner with, Legal Futures can report.
Outsourcing giant enters market with Optima Legal acquisition
Outsourcing giant Capita plc has reached a conditional agreement to acquire Optima Legal Services pending the grant of an alternative business structure licence.
“Productive and innovative” ABSs beginning to make their mark, says LSB
New business structures are more productive and innovative than traditional law firms, Legal Services Board research has found. It also said that alternative business structures are “starting to have an impact” on some parts of the market and collectively have a 5% market share.
SRA refuses to licence ABSs aiming to circumvent referral fee ban
The Solicitors Regulation Authority has rejected potential alternative business structures on the basis that the aim was really to continue illegal referral fee arrangements, it emerged this week.
Blog
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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.
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