Choices, choices, choices! There are many different Alternative Business Structure models so it is essential you pick the one which best suits your aims and objectives.
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The Legal Disciplinary Partnership comprises of two or more lawyers and one non-lawyer managers with no external ownership. All such LDPs will be required to become an ABS under the Act.
- Parent owner that has no interest in the supply of the ABS’s services but the ABS is a ring-fenced legal services branch of the parent external owner. For example, “Virgin Law” – OR –
- Parent owner has an interest in the provision of the ABS’s services because it wants to cross-sell non-legal services.
This model combines legal and non-legal services under external ownership where an existing brand such as the Co-op combines funeral services, will-writing services and probate services.
In effect, a one-stop shop comprising experts from legal and other professions delivering legal and other services to clients. For example, an ABS that comprises a property management service involving surveyors, architects, builders, decorators, estate agents and conveyancers.
Consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet
A company whose securities are traded on a stock exchange and can be bought and sold by anyone.
The hub (which could be licensed but unlikely) would provide administrative and back-office services. The hub would operate as the centre for a franchise or network arrangement for the regulated spokes which provide the legal services. The spokes paying a premium to the hub for the franchise or network support it supplies.
Charities supplying legal services may wish to become licensed as ABSs. For example, Citizen Advice Bureaux.
Taking an existing in-house legal team and converting it into an ABS. A Housing Association may have an in-house conveyancing team that wishes to offer an external public-facing service on sales & purchases.
A ‘partnership’ between a law firm and a non-law firm to offer legal services within an ABS structure e.g. ‘Goldsmith Williams & Virgin Legal Services’
An arrangement between a law firm and a non–law firm in which the non-law firm wishes to promote its own legal services provision e.g. ‘Virgin Legal Services’ as its own brand but with the law firm actually delivering the legal services under that label.
Goldsmith Williams can help you decide which Alternative Business Structure model is most suitable and will be most beneficial to your business. Book your free Alternative Business Structure's consultation with Senior Partner, Eddie Goldsmith to discuss your options.
Wow, what an impressive organisation! Although outstandingly professional, the staff are friendly and courteous. We were kept informed all the way and any queries we raised were dealt with promptly. We would like to give special thanks to Karla and Louise for their patience and understanding.Well done Goldsmith Williams!
Mr Herbert - 10/10 - Equity Release