Alternative Business Structures are inconsistent with the core values of a US law firm but may happen in the future, according to the ABA President.Jim Silkenat said that the US was interested in “preserving the core values of the US legal system.” He said that ABS strucutres were inconsistent with their core values and believes there is “no appetite...to adopting any form of ABS at this time.” However, he added that if technology changed, he could see a scenario where a firm could convince itself, rightly or wrongly, that an ABS structure would work.
Reality versus theory
The issue of alternative business structures (ABS), where law firms allow non-lawyer ownership, was discussed at the American Bar Association during one of its fall meeting sessions in London last week.Lucy Scott-Moncrieff, immediate past President of the Law Society of England and Wales said that as a director at Scott-Moncrieff & Associates Ltd, her company worked as an ABS and argued that people should look at the reality rather than the theory of ABS. She said there was no threat for the independence of lawyers.London companies like Legal Zoom and Rocket Lawyer provide extra services on top of legal advice at a monthly rate. Panelists agreed the model makes more sense for consumer types, where it is capital-intensive.
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