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The first Alternative Business Structures (ABSs) will be licensed to provide legal services from 6 October 2011. Enabled under the Legal Services Act 2007, ABSs will increase competition in the legal services market, paving the way for new entrants and for third party investment in law firms.
Alternative Business Structures provides businesses with a clear and comprehensive guide to the regulatory requirements and duties for ABSs. A key obligation is for the ABS to institute two new roles, a:-
Furthermore, the legislation builds in protection for externally owned businesses to ensure: