Staying ahead of the game

With alternative business structures (ABS) due to be introduced in October 2011, it is a crunch year for legal practices which want to become more business-capable and tap into the various opportunities opening up for firms prepared to be innovative and meet new challenges. For some this could be an opportunity to acquire other practices to strengthen and grow their business, for others it’s an opportunity to be acquired—aiming for maximum value in return for the business. But proactive development of your practice doesn’t have to involve a change in structure or ownership. Taking a step back can enable any law firm to improve the performance of the business and introducing a positive approach to the new regulatory Outcomes Focused Regulation (OFR) requirements that come into effect in October could help drive your business forward.

Organisations such as Co-operative Legal Services are poised to capitalise on the commodity end of the legal market, which is likely to drive private