The Legal Services Board (LSB) is gearing up to directly police ‘Tesco law’-style vehicles ahead of a Law Society vote that could block its own regulatory arm from assuming such a role.
A senior official at the LSB has confirmed to Legal Week that the oversight body is now investigating the procedures required to directly oversee alternative business structures (ABSs). The initiative is a direct response to a vote scheduled for next month by Chancery Lane’s policy-making council which could bar the Solicitors Regulation Authority (SRA) from licensing ABSs.
