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A memorandum of understanding between legal regulators and regulators and professional bodies in the financial, accountancy and property worlds whose members may be part of multi-disciplinary practices is close to agreement, it has emerged.

Co-operative Legal Services (CLS) continues to grow strongly, with income up nearly 20% in 2010, the Co-operative Group’s annual results have shown. Meanwhile, a spokesman has confirmed that CLS will apply for an alternative business structure licence at the earliest opportunity.

The Solicitor Sole Practitioners Group has backed away from its threat to call a special general meeting and postal vote of the profession to gauge support for alternative business structures (ABSs). Meanwhile, the Solicitors Regulation Authority has refuted suggestions that it shifted position on how it will regulate ABSs ahead of this week’s Law Society vote.

The Law Society council has today approved the Solicitors Regulation Authority’s application to become a regulator of alternative business structures. It means the SRA should be ready to start taking applications from prospective ABSs from 6 August.

Alternative business structures (ABSs) will pay less to practise than traditional law firms, under proposals released by the Solicitors Regulation Authority. A consultation on the fees structure for ABSs recommends that they should not have to contribute to the Law Society’s representative activities, as law firms do.