Paul Philip told the Law Society Risk and Compliance Conference that the alternative business structures introduced five years ago have failed to deliver on some of their objectives, including allowing solicitors to offer legal services outside of law firms.

He attributed this failure to the SRA, commenting that its multidisciplinary rules ‘still prohibited proper partnership between solicitors and other professionals, predominantly accountants.’

The biggest hurdle was the now ‘moribund’ separate business rule, which was relaxed last year.

Mr Philip added: ‘But there [are now] huge opportunities you should grasp for cross-selling into accountancy services and accessing the clients of accountants, and providing a one-stop shop. In terms of ABSs, I think the market will now change pretty quickly.’

Source: The Law Society Gazette