Alternative business structures
Industrial disease specialists eye ABS to aid extraordinary growth spurt
A specialist industrial disease law firm in the north-west is looking to convert to an alternative business structure to take advantage of a period of extraordinary growth. Fee income doubled to £7m and staff numbers quadrupled to 170 over the last year.
From ‘America’s most familiar law firm brand’ to the UK’s? Jacoby & Meyers unveils ABS plan
Jacoby & Meyers – which claims to be the largest full-service consumer law firm in America – is to create a joint venture alternative business structure as a vehicle to acquire UK law firms and become a “significant” player over here.
Pioneering ABS combines legal and accounting services
The first alternative business structure to market itself as a firm offering both legal and accountancy services has been licensed by the Solicitors Regulation Authority. Direct Law & Finance Ltd is a firm of solicitors and accountants based in Brentford, west London.
SRA “loosening shackles” of separate business rule
There are signs of the Solicitors Regulation Authority relaxing its strict interpretation of a key rule which may be “dampening” innovation and new entrants to the market, according to the Legal Services Board.
Legal Services Board mulls formal probe into SRA’s handling of ABS applications
The Legal Services Board is weighing up whether to launch a formal investigation into the way the Solicitors Regulation Authority is handling alternative business structure applications, Legal Futures can reveal.
IT-driven and partners who manage full-time: is new ABS the model PI firm of the future?
Liverpool-based SGI Legal has set its sights on reshaping the way personal injury law firms operate having received its alternative business structure licence from the Solicitors Regulation Authority.
MPs attack insurers over referral fees and ABSs
MPs have attacked insurance companies for not being more transparent over the referral fees they receive from a range of sources. The transport select committee said “the motor insurance sector remains as opaque as ever”.
Survey: ABSs will be better for clients than for the future of traditional law firms
Alternative business structures may be bad for traditional law firms, but they will have a positive impact on clients, a snapshot survey of small firms has found. This is despite the belief that new entrants will not provide the same quality or ethical standards as traditional practices.
Leading legal expenses insurer sets up an ABS
Well-known legal expenses insurer ULR Additions has won approval to set up an alternative business structure. However, the license from the Solicitors Regulation Authority restricts the work LEI Legal Services Ltd can undertake.
SRA targets three-month approval for ABSs aimed at new criminal legal aid contracts
The Solicitors Regulatory Authority should be able to process would-be alternative business structures wanting to bid for the new criminal legal aid ‘super-contracts’ in as little as three months, it has told MPs. The Bar Standards Board was more cautious about its regulation, however.
Blog
The lonely role of a COFA: sharing the burden of risk management
Compliance officers for finance and administration in law firms can often find themselves walking a solitary path. But what if we could create a collaborative culture of shared accountability?
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.
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