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As easy as ABS – New opportunities for financing and expanding law firms

The advent of alternative business structures presents not just threats, but also opportunities. Nick Learoyd explains how you can decide if the new structure would be right for the financing and structure of a traditional law firm, and the practicalities of making the change.

It is important to note that this article does not deal with the possibilities of merging with, or being taken over by, an accounting firm or other firm of professionals. Practising as a one-stop-shop multi-disciplinary practice opens a whole new set of questions, with a new set of opportunities and risks, which are not dealt with here.

Not so long ago, when the UK was well settled into a sustained period of economic growth, professional services firms could be forgiven for adopting strategies largely predicated on a continuing trend.