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As insurance companies look to form alternative business structures, the traditional legal sector can no longer just raise an eyebrow – we need to take a much more serious look at the practicalities and ethicalities involved. Purists will argue that placing insurers anywhere near the helm of a public-serving legal practice can only have a negative impact on the culture of the organisation, and ultimately, the level of service provided. And they would have a point.

The first alternative business structure to market itself as a firm offering both legal and accountancy services has been licensed by the Solicitors Regulation Authority. Direct Law & Finance Ltd is a firm of solicitors and accountants based in Brentford, west London.

The Legal Services Board is weighing up whether to launch a formal investigation into the way the Solicitors Regulation Authority is handling alternative business structure applications, Legal Futures can reveal.

MPs have attacked insurance companies for not being more transparent over the referral fees they receive from a range of sources. The transport select committee said “the motor insurance sector remains as opaque as ever”.

Well-known legal expenses insurer ULR Additions has won approval to set up an alternative business structure. However, the license from the Solicitors Regulation Authority restricts the work LEI Legal Services Ltd can undertake.