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The prospect of a strike by legal aid lawyers is “regrettable”, but there are lawyers who will operate under the new regime, justice minister Shailesh Vara has insisted. Mr Vara also urged lawyers to embrace the innovation showcased by alternative business structures.

If anyone wanted to see what alternative business structures can achieve, they need look no further than Slater & Gordon. If you take into account the sum announced as going towards buying Simpson Millar – a deal currently on ice – S&G has committed around £150m towards its UK expansion since first announcing the acquisition of Russell Jones & Walker in January 2012. Could it have achieved this without being a listed company? I’m no financial expert, but I doubt it; raising money through share issues has been key, although debt levels are up sharply as well.

A multi-discipinary financial services group has obtained an ABS licence to complete its broad-based professional advice offering by bringing legal services in-house. Meanwhile, a specialist fertility law practice is considering using its licence to introduce employee ownership,

Alternative business structure (ABS) Quindell Portfolio Plc has raised £200m through a share placement to fund “significant growth opportunities” amid other ABS news that has seen the first failure formally consigned to history.

Changes in the legal market since the Legal Services Act will accelerate, with competition from new providers and cuts in legal aid leading to a “tragic but inevitable” end for non-specialist high street firms, according to the politician who shepherded the Act through Parliament.