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The first start-up alternative business structure (ABS) – offering clients ‘early access’ to barristers – has smashed expectations in its first year and aims to be turning over £500,000 in the next 12 months.

A London firm of chartered surveyors has become an alternative business structure (ABS) with plans for a legal arm, in what is believed to be the first venture of its kind. Meanwhile, private equity-backed ABS Knights Solicitors has hired six planners as it builds a multi-disciplinary offering

Competition from alternative business structures (ABSs) has increased pressure on law firms to the point that 2,500 are at risk of financial failure in the coming year, according to business recovery specialists.

A firm of midlands-based financial advisers has received approval to set up an alternative business structure so as to extend its service to existing clients and drive revenue growth. It is a wholly owned subsidiary of listed independent financial advisory and wealth management firm AFH.

The Institute of Chartered Accountants in England and Wales has hit back against Law Society objections to its application to become an alternative business structure regulator, claiming the public interest was “built into accountants’ DNA”.