Following a number of restructurings and a Christmas-time capital injection from its private equity owner, insurance-focused law firm Parabis Group is in talks to sell off parts of its business.
DAC Beachroft gains ABS for claims business as it prepares for ‘complex and challenging market’
DAC Beachcroft is the latest firm to enter the alternative business structure (ABS) market gaining a licence for its Claims Ltd as it seeks to future-proof its offering in the sector.
The importance of tech: Foot Anstey promotes IT director to partner
Highlighting the growing importance of technology for law firms, south west firm Foot Anstey has used its alternative business structure (ABS) licence to bring IT director Duncan Eadie into the partnership, promoting him to equity partner.
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Regulators look to cut ABS red tape in Legal Services Act reform push
The Legal Services Board, along with the other legal sector regulators, has published suggestions to reform the Legal Services Act 2007 to make enforcement action easier to undertake and to cut red tape for alternative business structures (ABS).
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The ABS triangle – regulators, consumers and investors
Baker Tilly’s George Bull analyses the changing market.
The recent initial public offering (IPO) of full-service English law firm Gateley and its admission to AIM mark another significant step in the evolution of alternative business structures (ABSs) in England and Wales. While Gateley is the first UK law firm to achieve a public listing, it is not the world’s first listed law firm. That accolade belongs to Slater and Gordon, the Australian consumer law firm, which listed on the Australian stock exchange in May 2007. Continue reading “The ABS triangle – regulators, consumers and investors”
Solicitors set to own non-regulated businesses after watchdog levels ‘the playing field’ with ABSs
The Solicitors Regulation Authority (SRA) has decided to relax the Separate Business Rule, allowing law firms to own outside businesses which are not regulated by the SRA and provide accounting services, and making it easier for them to compete with alternative business structures (ABSs).
Taking New Jersey: Riverview Law opens second US office and starts UK recruitment drive
Riverview Law, the fixed priced legal services business, is set to open a second US office with a launch in New Jersey in August as it looks to broaden its offering in the States.
EY’s legal march continues with former Addleshaws managing partner Devitt and corporate specialist Thomas
Just over a year after Paul Devitt stood down early as managing partner of Addleshaw Goddard, he is due to leave the firm along with fellow corporate partner Richard Thomas for big four accountancy firm EY.
EY Law agrees new alliance as Asia-Pacific growth continues
Making good on its continued efforts to grow its Asia-Pacific presence, EY Law recently announced an alliance with South Korean firm Apex Legal.
Based in Gangnam in central Seoul, the 55-lawyer practice has become a member of EY’s network in a bid to align the giant’s advisory and legal businesses throughout the region, and as part of a greater agenda to build a 200-strong team of lawyers spanning key commercial centres throughout Asia-Pacific.
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Why are there no lawyer-backed MDPs?
With the rise of multi-disciplinary practices (MDPs) receiving daily comment in the professional news, this is certainly a question worth asking.
Before adding my own observations to the debate, I should spell out what I am thinking about and what I am not.
For starters, I appreciate that much work of many solicitors’ firms in England and Wales falls outside the reserved areas. As a result, there is a sense in which many law firms are already MDPs. Similarly, I am not thinking about those alternative business structures (ABSs) that, in the course of providing retail legal services, offer ancillary, non-legal services, such as car hire, medical reports, etc.