25 November 2017

Reasons to become a BSB-regulated entity

Under our "entity" or authorised body regulation regime, barristers and other advocacy focused lawyers are now able to pool resources and share the risks of investing in their own business, without having to change regulators.

We want to extend these benefits to lawyers who want to co-own legal services businesses with non-lawyers by licensing Alternative Business Structures (ABSs). These could include a mix of other professionals, or family-owned businesses. Partnership with non-lawyers has the potential to bring other knowledge and skills that a legal services business could benefit from.

We believe that becoming a regulator of entities will help new advocacy focused business models emerge and flourish, which in turn will increase client choice. Barristers, solicitors and other legal professionals will be better placed to come up with new and innovative ways of providing legal services.