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‘Dispersed’ firm Keystone Law has set out an ambitious growth strategy for the firm in the wake of taking external investment, which will see it more than double the number of its offices.

Genus Law, the Leeds-based alternative business structure formerly known as Brilliant Law that is backed by gambling entrepreneur Bert Black, has made its first acquisition. The purchase of niche employment firm Pharos Legal is a “model for what we’re going to do going forward”.

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.