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A solicitor has merged her law practice with the family estate agency and finance business in an alternative business structure that is thought to be the first in Cumbria.

A pioneering alternative business structure (ABS) has become one of the first legal practices to introduce employee ownership, while also developing a new form of billing that will see it agree a profit margin with clients, Legal Futures can reveal.

“Radical changes” to the authorisation and supervision of alternative business structures are on the cards after the Solicitors Regulation Authority expressed concern that the number of applications from multi-disciplinary practices has been “in the tens rather than hundreds”.

The involvement of big brands like BT and KPMG is evidence that alternative business structures have the resources and expertise to encroach on the work done by larger law firms, a top banker has predicted.

There is no reason why you need a law firm to carry out many of the tasks that traditional firms have previously handled, the group general counsel of BT has warned. Dan Fitz also revealed that it was looking to expand the work handled by BT Law, the company’s ABS.