The Scottish Parliament has voted through a compromise deal on Alternative Business Structures (ABS) which will allow external investors to take up to 49% ownership in the country's law firms. The Legal Services Bill (Scotland) was passed by the Scottish Parliament yesterday (6 October), with a cap set on external funding requiring a majority share of 51% in Scottish firms to be owned by solicitors and other regulated professionals.
October 07, 2010 at 06:40 AM
1 minute read
The original version of this story was published on Legalweek
The Scottish Parliament has voted through a compromise deal on Alternative Business Structures (ABS) which will allow external investors to take up to 49% ownership in the country’s law firms.
The Legal Services Bill (Scotland) was passed by the Scottish Parliament yesterday (6 October), with a cap set on external funding requiring a majority share of 51% in Scottish firms to be owned by solicitors and other regulated professionals.
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