The Bar Standards Board (BSB) has from today begun licensing Alternative Business Structures as it ups its game in the innovative legal marketplace. The BSB has been regulating lawyer-only owned entities since 2015, but for the first time, the regulator will now be able to license legal services businesses which are owned jointly by lawyers and non-lawyers. Commenting on the move, BSB Director of Regulatory Assurance Oliver Hanmer said: 'We are pleased to announce that we are able to start regulating ABSs. Although we are cautious about the number of ABSs that may choose to be regulated by us, we believe this development encourages further innovation in the provision of legal services. Being a specialist in regulating advocacy-based services, our announcement today allows barristers and other lawyers to partner with other business professionals to bring new skills and fresh perspectives to this sector of the market.'
Email your news and story ideas to: [email protected]
