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Institutional investors have snapped up new shares in Slater & Gordon to fund its purchase of Quindell’s professional services division, it announced overnight. Around 70% of the £637m initial purchase price – £456m – is being funded through new shares, with the rest through bank debt.

The University of Law has become the first academic institution to be granted an alternative business structure licence by the Solicitors Regulation Authority. ULaw said the licence will allow it to expand its legal advice clinic at the Bloomsbury branch in London.

Nottingham Law School, the first in the country to apply for an alternative business structure (ABS) licence, aims to offer young entrepreneurs a paid-for business advice service, it has emerged.

Insurance giant RSA, formerly Royal and Sun Alliance, has entered the legal services market by obtaining a licence for an alternative business structure in partnership with national firm Parabis. RSA Law will go live next month.

Large law firms are most worried about the threat from alternative business structures (ABSs) and accountancy firms, but interest in becoming ABSs themselves is waning fast, new research has found.