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Lawyers around the world are watching to see how alternative business structures (ABS) work, giving UK law firms a possible competitive advantage if they can meet “unprecedented” client demand for value, Professor Richard Susskind told the Legal Futures Conference. He also said it was “unimaginable” that investors and entrepreneurs would ignore the opportunities presented by legal market.

As the interest of law firms in external investment goes up, “the interest of funders seems to be firmly in decline”, a new alternative business structures consultancy has found. A survey of 51 of the top 200 law firms by ABS Advisory Partners found that 12% thought it “very likely” or “likely” that they will seek direct external investment.

Solicitors, law firms and would-be alternative business structures today get first sight of the new SRA Handbook, the 563-page guide to practising and running a legal practice. The Handbook – delivered on schedule and exactly six months before it is due to come into force – introduces the profession to outcomes-focused regulation.

For those firms that have decided they need to do something to meet head on the challenges of alternative business structures and the rest, but are a bit hazy on exactly what that something should be, there are no shortage of options.

A network that aims to help law firms dominate their local market and guarantees that it will increase their income has gone live. Seven law firms have so far signed up to GetSolicitors, which is billing itself as an alternative to national, branded networks by giving solicitors the tools to market and build their own brands.