UK sees ABS success as 300 firms use structure

Some 300 organisations have set themselves up under the Alternative Business Structure (ABS) rules in the UK, and the scheme is increasingly being seen as a success.

14 March 2014

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Chris Kenny, chief executive of the Legal Services Board, recently revealed that 19% of the firms took the ABS route in order to get access to capital. Another 23% wanted to allow non-lawyers to become partners. And just under 23% were becoming ABSs in order to offer multi-disciplinary services. The remainder were influenced by a range of advantages including tax efficiency and succession planning. Source: LawFuel