Conveyancing services company, In-Deed, has announced its plan to become the ‘biggest legal services provider in the country’ by purchasing high street law firms to form an Alternative Business Structure.
Alternative Business Structures, under The Legal Services Act 2007 and commonly referred to as Tesco Law, are intended to make legal services more accessible and simple for consumers. They will allow lawyers and non-lawyers to share the management and control of a business that offers legal services to the public.
In-Deed is looking to capitalise on this opportunity by seeking out “successful and profitable provincial legal practices preferably with established residential conveyancing.”¹
Harry Hill, founder of Rightmove and former Chief Executive of estate agent Countrywide, is planning on financing the venture using the £4.5m secured through a flotation on the Alternative Investment Market (AIM). He said:
“We want to be the biggest legal services provider in the country – if you don’t aim high you’re restricting yourself.”
Hill’s business partner, Peter Gordon, confirmed they had already had enquiries from law firms interested in the proposition. However, further conversations are on hold until the Solicitors Regulation Authority (SRA) is able to issue Alternative Business Structures licenses.
¹Law Gazette (Nov 2011)