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Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.

The alternative business structure landscape is finally stirring into life with a rash of eye-catching and some downright left-field players emerging into the light. Some are well predicted, with the Co-operative Group making the boldest play and seeking mass distribution through major customer centres around the country and up to 3,000 new staff. Others, like Eddie Stobart, underline how fluid the picture could be.

Seven alternative business structures in more than five months does not seem to be a great achievement on the part of the Solicitors Regulation Authority, and increasingly Legal Futures has been hearing complaints about delay and a lack of transparency in the process.

Mid-market private equity business August Equity has become the latest to outline its intention to invest in the legal market, Legal Futures can reveal. It typically invests between £10m and £30m in equity.

Staffordshire law firm Knights has struck a deal to accept investment from the private equity company owned by former Dragon’s Den star James Caan in a bid to attract work away from the City.