Ian Muirhead: An introduction to alternative business structures

IFAs benefit from relationship-based model

clock • 3 min read

Alternative business structures (ABSs) are the vehicles created by the Legal Services Act 2007 to make legal advice more widely accessible than through the traditional solicitors' practice, writes Ian Muirhead.

Research conducted in advance of the Act concluded that 40% of the UK population never seeks legal advice either because they do not think they can afford it or because they are intimidated by the prospect of confronting a lawyer - hence the end of the solicitors' closed shop and the proliferation of new legal regulators. An ABS is defined as a firm that has been licensed by a legal regulator and conducts activities that are reserved exclusively to solicitors and other lawyers, but in which non-lawyers are involved as either owners or managers. The term "reserved activities" is define...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Professional Adviser TV: Tackling 'horrendous' letter of authority delays

Professional Adviser TV: Tackling 'horrendous' letter of authority delays

‘LOAs could be really magical’

Professional Adviser
clock 29 August 2025 • 2 min read
How Parmenion is fuelling platform growth amid adviser fragmentation

How Parmenion is fuelling platform growth amid adviser fragmentation

Platform's soft skills training, switch service and Consumer Duty alignment cited as key drivers of adviser engagement

Sahar Nazir
clock 28 August 2025 • 3 min read
Former Titan Wealth employee convicted of harassing senior staff

Former Titan Wealth employee convicted of harassing senior staff

Judge orders mental health assessment ahead of sentencing next month

Sahar Nazir
clock 28 August 2025 • 3 min read