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A litigation funder with £40m a year to invest is considering using alternative business structures to make funds available to law firms, according to its chief executive. They have to be prepared to work under damages-based agreements (contingency fees), however.

It will be for personal injury solicitors to convince the Solicitors Regulation Authority (SRA) that they are not paying referral fees once the ban comes into force, it emerged today as the SRA published its long-awaited consultation on how it will implement the ban.

A commercial claims management company is considering converting to an alternative business structure (ABS) to further its work in aiding investors recoup losses from complex investments which they have been mis-sold.

A Mayfair-based private client firm that has close links to a wealth manager and a personal injury practice that is diversifying into other areas of law have become the first new alternative business structures in nearly a month.

“Numerous” external investors will appear alongside consolidation and new structures once the “floodgates of change” hit the personal injury market next year – with just five or six claimant firms likely to dominate – an authoritative new report has predicted.