Increased confidence in the market and burdensome compliance requirements are just some reasons why firms are not heading down the ABS route, explains Jennifer Williamson
Smaller firms are still struggling to decide on the best way to secure their future, according to a new survey. They are largely turning away from new opportunities to merge with other professional service businesses or to create an alternative business structure (ABS).
The research by Kreston UK found that only 20 per cent of the independent UK firms questioned felt that an ABS was even a possibility. The results chime with anecdotal evidence that an ABS is not yet widely seen as a route to professional salvation. There were only 338 such arrangements registered by the Solicitors Regulation Authority at the end of last year, a small percentage of the 10,726 firms in the UK.
Firms are feeling more confident today than they have for some time about their revenues, which might partly explain the apparently low level of interest in questioning whether current extra fee income is merely a temporary reprieve in market condi...
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