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Alternative business structure, ABS. It is hardly a snappy name. It means nothing to the general public. It doesn’t mean much more to the business community. But, for private equity firms, it’s a chink of light – a way in to a £25bn market. So, is this a gold rush? Are we likely to see high levels of PE activity? Nick West, director of legal markets at Legal Futures Associate LexisNexis considers the possibilities.

There is in excess of £1bn of private equity money available for investment in the legal market, while at least one UK law firm will proceed to a public listing this year, one of the profession’s leading bankers, James Tsolakis of RBS, has predicted.

Russell Jones & Walker aims to use its new access to capital to become one of the two or three players that will “dominate” the consumer legal market in the years to come, its chief executive has said.

The world’s first listed legal practice, Australia’s Slater & Gordon, is to enter the UK market after agreeing to buy national law firm Russell Jones & Walker for £53.8 million. All of RJW’s principals will continue to work in the new business and are becoming shareholders in S&G.

Australia’s Slater & Gordon, the world’s first publicly listed law firm, is “more seriously” evaluating the opportunities available in the UK, the company has revealed. The news comes as S&G and Integrated Legal Holdings – the only other listed legal practice, also in Australia – both announced strong results.