Pannone launches ‘white label’ service
MANCHESTER law firm Pannone has launched a new ‘white label’ division to capitalise on the opportunities presented by the Legal Services Act.
Affinity Solutions, headed by Andrew Morton, is partnering with companies from a number of industries including retail, financial services and insurance, that will be able to offer their own legal services under the Act.
The 85-strong Affinity Solutions team will handle this legal work, offering services such as employment advice, accident and injury claims and conveyancing.
Pannone said it has already signed a deal with a major multiple and is partnership talks with a number of others.
The Legal Services Act, which comes fully into force in October, aims to open up the UK legal market by allowing non-law firms, or ‘alternative business structures’, to provide legal services for the first time. It will also allow external investment, such as private equity, into law firms.
Mr Morton said: “A number of these new entrants to the marketplace know how to provide excellent service to their existing customers while arguably many in the legal sector do not. So an organisation that places as much emphasis on good service as well as providing excellent legal advice has to be of benefit to the consumer.”
Meanwhile, Irwin Mitchell has announced its intention to take advantage of the Act by restructuring the partnership as an Alternative Business Structure (ABS). The ABS model allows outside investment in law firms.
The firm, which has offices in Leeds, Sheffield, Birmingham and Manchester, has been a strong supporter of the reforms and has said the restructuring will be key in furthering its growth plans.
It has appointed Espirito Santo Investment Bank as its financial adviser to review its options for raising external capital. It said that at present, all alternatives – which could eventually include floating on the London Stock Exchange – were under consideration although the preferred method and timetable for seeking external funding had yet to be finalised.
