Insurance companies will be allowed to take majority stake in law firms
New rules that could allow insurance companies to buy a majority stake in law firms have come into force.
Under the so called ‘Tesco-law’ reforms, or alternative business structures, the rules surrounding the ownership of legal firms have been deregulated. The changes have been introduced through the previous government’s Legal Services Act, which is now being implemented
Justice minister Jonathan Djanogly said: “This is a landmark day for the UK legal industry.
“Our legal services are already rated among the best in the world, used by millions of people around the globe as well as in the UK, and these changes will set them up to move to new heights. They will enable firms to set up multi-disciplinary practices and provide opportunities for growth.”
Insurance Times reported last week that the Solicitors Regulation Authority has been flooded with inquiries from insurance-related firms about taking advantage of the new rules.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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