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Almost one in four top-250 law firms are considering securing some form of external equity investment, according to a survey. The highest proportion said they would look to raise between £5m and £20m, many to fund acquisitions.

It is plain that the SRA is keen to be seen as innovative, forward-thinking and ultimately the ‘regulator of choice’ when it comes to MDP ABSs. However, when you look beyond the hype of this development and consider the detail, it becomes clear that the SRA’s methodology in licensing MDPs is fundamentally flawed.

City firm Kennedys has become the second largest law firm to become an alternative business structure (ABS) after being awarded a licence by the Solicitors Regulation Authority. The firm said the licence will allow greater opportunities for growth.

Co-operative Legal Services (CLS) has announced that it is switching its volume conveyancing partner, from Blacks in Leeds to TCS in Cheshire. It said working with TCS “will allow us to broaden our offering for customers and members, and will increase the capacity of our service”.

Kent Legal Services – the legal division of Kent County Council – has formally launched its bid for outside investment by issuing a tender for a commercial partner with which it will form a joint venture/alternative business structure.