ABSs & LDPs will be the practice structure of choice, predicts legal expert
Law firm partnerships will cease to be the norm in future, as banks become less willing to lend and lawyers wise up to the benefits of external investment.
Instead, alternative business structures (ABSs) and legal disciplinary practices (LDPs) will be the practice structure of choice, writes NLJ consultant editor David Greene, senior partner at Edwin Coe.
Recent events such as Australian firm Slater & Gordon’s takeover of Russell Jones & Walker, and Quindell Portfolio’s approach to personal injury firm Silverbeck Rymer indicate the potential scale of reform.
“These changes are likely to receive a fillip from other changes in litigation services and in particular the Jackson reforms,” writes Greene.
He notes how the proposed ban on referral fees in personal injury cases is likely to push both insurance companies and case-management companies into forming ABSs in order to profit from the litigation process.
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