While large firms operating in the United Kingdom are still only considering the idea of external investment, legal service providers in other segments of the legal market are jumping in to take advantage of the U.K. reform that went into effect October 2011.
U.S. companies LegalZoom and Rocket Lawyer recently entered the U.K. market via the Legal Services Act, which allows law firms to seek external investment from nonlawyerswhether private equity or public companiesand to accept professionals from other disciplines, like accountants, into their practices by creating “alternative business structures” (ABS).
