UNITED KINGDOM, Jan 21 — The implementation of the Legal Services Act 2007 came into full swing in December 2011. In the most simplified way of explaining, the Act allows non-law firms to invest venture capital into law firms, allowing these companies to own or part own law firms. This is quite unprecedented.co
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he implementation of the Legal Services Act 2007 came into full swing in December 2011. In the most simplified way of explaining, the Act allows non-law firms to invest venture capital into Law firms, allowing these companies to own or part own law firms. This is quite unprecedented. Alternative Business Structure (ABS) is the term used in the legal world. The aim is to make some parts of the legal profession in the UK more competitive, more efficient and accessible to clients.
In the next 5-10 years, it is predicted that the legal profession in the UK would be radically transformed, with large companies such as the Co-operative, Tesco and WH Smith now in the forefront of taking on a ’legal arm’. No doubt the Solicitors Regulatory Authority would need to ensure that these companies are regulated, presumably with the same kind of stringent regulations and code of conduct that solicitors are regulated to abide.
It is likely we would continue to see some aspect of legal work moving towards other business models in the coming years, this should offer clients more choice. Online legal advice such as that provided by LegalAdvising.co.uk would become the norm as more consumers feel confident to resolve some of their legal matters by simply speaking to affordable qualified solicitors online.
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The implementation of the Legal Services Act 2007 came into full swing in December 2011. In the most simplified way of explaining, the Act allows non-law firms to invest venture capital into law firms, allowing these companies to own or part own law
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