UK Solicitors' Regulation Authority paves the way for Tesco Law

The UK Solicitors' Regulation Authority has released updated guidelines for law firms that wish to take up alternative business structures when the regulatory changes are brought into effect next year. The Legal Services Act is set to change the fact of the UK legal industry by allowing companies to provide legal services and for law firms to seek outside investment. While alternative business structures cannot be created until October 2011, the guidance provides that law firms can now enter into discussions with potential business partners and set up agreements to enter into exclusive negotiations or non-binding arrangements. In addition, the Authority will allow preparatory steps such as joint marketing, public announcements or the registration of company names.

UK Solicitors' Regulation Authority paves the way for Tesco Law legalweek.com Thu, Dec 2, 2010