What is the difference between Legal disciplinary practices (LDPs) and Alternative business structures (ABSs)?
Legal disciplinary practices are practices where up to 25 per cent of partners or equivalent managers are non-lawyers, without any external ownership. However, ABS practices will not be limited to a minority of non-lawyer managers, and they will be able to take advantage of external investment and provide a wider range of non-legal services. ABS firms will also have to comply with more rules, particularly where external shareholders are involved.
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