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

My Care Hub expands to public following strong adviser support

My Care Hub expands to public following strong adviser support

Advice sector has played ‘pivotal role’ in successful rollout of care guidance platform

Jenna Brown
clock 10 September 2025 • 4 min read
CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

Rain Newton-Smith claims ‘the time for tinkering is over’

Isabel Baxter
clock 10 September 2025 • 2 min read
'Fundamentally' different advice profession risks reputational damage from football scandal

'Fundamentally' different advice profession risks reputational damage from football scandal

High profile advice incidents like V11 ‘damaging’

Isabel Baxter
clock 09 September 2025 • 3 min read