ABS Forum Manchester

I have been invited by David Edmonds M.B.E. to attend the first forum for ABS at Manchester on the 3rd March. I will report to ABS Vision members with the latest position after that date the timetable for the finalisation of the rules and the likely content will be high on Legal Mentors agenda and I will have the opportunity to ask some detailed questions of the Chief Executive of the SRA.

American law firm Greenberg Traurig plans to be among first ABS

One of America’s biggest law firms is defying the turmoil in the commercial legal market with plans to build a large London office of more than 200 lawyers within three years.

Greenberg Traurig, the tenth biggest law firm in the United States, with 1,800 lawyers and revenue of $1.2 billion (£754 million) are recruiting 200 lawyers within three years to reach “critical mass”. That would make it one of the five biggest offices for an American law firm in London.

The firm is called Greenberg Traurig Maher.

The Times online article shows that there are those with confidence in the upturn of business and the potential benefits of ABS.

Mr Maher also hinted that GTM would become one of the first City law firms to float when new rules allowing external investment in law firms come into force in 2012.  (ABS)

See Times Article

Overview of ABS benefits

Main benefits of ABS for Professionals

• ABS will increase access to finance: at present, providers can face constraints on the amount of equity, mainly debt equity, they can raise.

• ABS will also allow for increased flexibility: non-legal firms such as insurance companies, banks and estate agents will have the freedom to realise synergies with legal firms by forming ABS firms and offering integrated legal and other professional services.

• It will be easier to hire and retain high-quality non-legal staff: ABS firms will be able to reward non-legal staff in the same way as they reward lawyers.

• Allowing new providers into the marketplace should lead to innovation and price reductions. This should result in more people being able to access legal services.

But, to note…

• The ABS regime is facilitative. There is no obligation on a firm to become an ABS although there may be some pressure from competitors which might influence whether or not a firm decides to become one.

Source: ABS Factsheet from Ministry of Justice website.
http://www.justice.gov.uk/publications/docs/abs-fact-sheet.pdf 

Welcome to Vision ABS

Welcome to the Vision ABS Blog. Alternative Business Structures

For the exclusive use of members of the “Vision ABS Club” operated by Legal Mentors Ltd

This is the best place for you to keep you in touch with the latest news and events connected with the forthcoming ABS opportunities for Lawyers, Accountants, IFAs and others interested in forming these exciting new organisations.
This is a great opportunity for like-minded professionals to amalgamate their services (and client basses) under one roof and create powerful local or national brands where clients can come to solve a range of problems all in one place.

The opportunity for cross-selling is strong as is the proposition for improved client service.

We will be monitoring the Legal Services Board announcements as they begin to clarify the processes and regulation of ABS entities.

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