The question I’m probably most often asked these days by senior people in the profession is what I believe will happen when law firms are allowed to take external investment or utilise new business models. It’s a timely debate in the month that Irwin Mitchell and Plexus Law both confirmed their intention to be in the first round of alternative business structures (ABS) when the regime goes live (probably) in October this year.
It has been well known for several years now that half a dozen top 75 firms are aiming to take advantage of the Legal Services Act on some substantive level. In the case of Irwin Mitchell, it was believed by many that the hire of a large property team from SJ Berwin in September last year was achieved partly as a result of the lure that top performers would have the chance to benefit from valuable equity stakes in the business if Irwin Mitchell pressed ahead with its intention to seek outside investment. By the time, it was reported in February that the firm had called in accountants to advise on restructuring its business to allow it to seek outside investment, it was seen as a foregone conclusion.
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