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Prospective alternative business structure Quindell Portfolio plc – whose takeover of Liverpool law firm Silverbeck Rymer is awaiting approval – has more than £500m worth of new contracts under discussion, it revealed today.

That was the third August through which Legal Futures has reported, and each time it has proven a surprisingly busy month. The last four and a half weeks have left us with plenty to ponder. First up we are finally starting to see alternative business structures approved on a regular basis; this is not great surprise now that we are eight months into the process. There was also the second discussion paper from the Legal Education and Training Review and the Law Society cancelling its annual conference.

A Liverpool-based practice has become the first specialist family law firm to become an alternative business structure. Tracey Miller Family Law will use its new status to allow business development manager Anthony Hool to take a minority stake in the firm.

Two of the UK’s first alternative business structures – Slater & Gordon and Co-operative Legal Services – have reported strong increases in income, although profits at the Co-op have been hit by its expansion plans.

Duke Street today became the first private equity firm to own part of a law firm after the Parabis Group received its alternative business structure licence, the twentieth so far issued by the Solicitors Regulation Authority.