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The Lord Chancellor yesterday approved the application by the Institute of Chartered Accountants in England and Wales (ICAEW) to become a regulator of probate services and licensing authority for alternative business structures.

Admiral Group is the overwhelmingly dominant partner in the joint venture alternative business structures (ABSs) it has set up with law firms Lyons Davidson and Cordner Lewis, the insurer’s annual results have shown.

Leading accident management company Helphire Group plc has acquired alternative business structure (ABS) pioneer New Law in a deal that could ultimately be worth more than £40m.

One of the UK’s largest debt management companies, Harrington Brooks, which has an annual turnover of around £30m, has created an alternative business structure run by its head of legal services.

The Solicitors Regulation Authority recorded a sharp rise in the number of interventions last year that involved suspected dishonesty, new figures have revealed. It also highlighted growing delays in cases going through the Solicitors Disciplinary Tribunal.