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“Radical changes” to the authorisation and supervision of alternative business structures are on the cards after the Solicitors Regulation Authority expressed concern that the number of applications from multi-disciplinary practices has been “in the tens rather than hundreds”.

One in five mid-sized law firms expects to seek external investment to fund expansion within an alternative business structure, according to a major benchmarking survey. However, very few see a merger with non-lawyer professionals in their future.

The government does not intend to extend legal professional privilege to non-lawyers, the Ministry of Justice confirmed yesterday after accountants urged Parliament to level the playing field for multi-disciplinary entities.

There is so far little evidence that alternative business structures (ABSs) will spawn large numbers of multi-disciplinary practices (MDPs), and those that do are likely to be accountancy led, it was claimed yesterday.

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.