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The Solicitors Regulation Authority is to remain on report over its performance in licensing alternative business structures until it outlines how it will stop making “disproportionate” requests for information from applicants, it has emerged.

McMillan Williams, which has 20 offices in London and the south of England, has become the first high street law firm to take external investment after securing a £5m private equity deal.

Small and medium-sized law firms “face the most threat” from new entrants and increased competition, a wide-ranging survey of the UK legal services market has found.

Thomas Miller, an international group of companies providing specialist insurance, investment and professional services, is to launch an alternative business structure next month.

The British Printing Industries Federation is aiming to meet the unmet need for legal advice in the sector, having finally revealed its plans for the alternative business structure licenced by the SRA some seven months ago.