Regulation is a growing concern, especially in law firms where the regulatory environment is changing to accommodate alternative business structures.

There is a new approach (outcome focused regulation) to regulating the legal profession as a whole. Clients often seek our advice on regulatory matters, including the making of regulatory reports.

The Legal Services Act provides for investment in and ownership of law firms by non-lawyers for the first time. We have advised many firms preparing for these changes. Our partnership lawyers have advised on venture capital and private equity transactions outside the legal sector, experience which is essential to be able to guide law firms through the challenge of accepting outside investment. Our in depth knowledge of the legal regulatory environment is key to the success of these projects.

Law firm regulation FAQs

An ABS or ‘alternative business structure’ is the term given to law firms that have been approved to have non-lawyer owners. ABSs offer law firms great flexibility in ownership structures, from appointing a senior non-lawyer employee to partnership, or taking outside investment, potentially including a stock market listing. International firms are increasingly using the flexibility of ABSs to better join their international offices together in a single ownership structure.

Recent rule changes have lowered the threshold at which potential breaches of SRA regulation (in some cases including misconduct by partners and employees of the firm) must be reported. We advise our clients as to whether we consider a report to be necessary and help them to prepare a full and timely report to be made.

"Their market knowledge and experience is invaluable, they pay attention to detail and their drafting is excellent. They are also genuinely pleasant people to deal with who take great effort to understand their clients' objectives."


Chambers UK 2020

"They provide us with excellent practical advice and are clearly experienced in these matters."


Chambers UK 2020

"One of the undisputed leaders in the field."


Legal 500 2020

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