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The operational end of the Solicitors Regulation Authority needs to keep pace with those at the top of the organisation who “embrace and encourage legal business innovation”, and not stymie the type of development the Legal Services Act is supposed to promote, the head of one of the major ABSs has said.

A specialist public sector law firm is eyeing up external investment so as to fund expansion, as well as strategic partnerships with others to secure market share, after becoming the newest alternative business structure.

‘Alternative’ law firm Halebury, a specialist business and sport law firm, has announced plans to formalise that tag and become an alternative business structure after substantially bulking up its team.

A growing number of small and mid-sized law firms are looking at raising external capital, but many need to address failings in basic business planning first, new research has found. It also identified £20m as the turnover point when a law firm turns into a real business.

Creating a multi-disciplinary practice, spinning off new services and accessing external investment to finance growth are the main goals of commercial law firms considering converting to alternative business structures, a new survey has found.