Alternative Business Structures cause differing opinions
A recent study by the Legal Services Board has highlighted many city law firms are not seeing the potential of Alternative Business Structures.
The report, which was carried out by consultants Charles Rivers Associates, cited alternative business structures were not attractive to city law firms because “[City firms] are reluctant to cede control of the firm to source external finding that they do not need.”¹
The report went on to say:
“[City firms do not] see huge demand for providing a wider range of services beyond the experts they are able to bring in-house anyway.
“In addition, offering a wider set of services, and having partners who are not lawyers, brings complications for international law firms that have a presence in jurisdictions where ABSs are not permitted.”¹
Meanwhile, the Solicitors Regulation Authority (SRA) is urging high street firms to capitalise on the opportunities an alternative business structure could bring to their business.
Executive Director of Supervision, Risks and Standards at the SRA, Samantha Barrass, again reiterated how alternative business structures presented a “huge opportunity for high street firms and local estate agents.”²
She went on to state her surprise should these businesses not even attempt to utilise the possibilities alternative business structures could have on their services and products.
If you are interested in setting up an Alternative Business Structure, Goldsmith Williams senior partner, Eddie Goldsmith, is offering a free ABS consultation. Find out more >
Content correct at time of publication