Should smaller firms feel threatened by ABS?
Alternative business structures may prove to be a valuable an opportunity for smaller firms to reinvent themselves in an increasingly competitive market. ABS will create new sources of capital for firms seeking to expand or diversify, and the opportunity to form partnerships with other professionals could be ideal for solicitors practising in niche areas such as tax or intellectual property. At the same time, there is no reason why firms operating through traditional structures should feel any need to change if they have already found a model which works for their practice and its clients.
