- Reed Smith said it got a green light from the U.K. legal sector regulator to convert to an alternative business structure, known as the ABS. The firm says it’s the first international firm to make the move, which will allow it expand client services, attract a wider range of talent, and be more nimble. The ABS regime allows law firms to be managed and/or owned by non-lawyers, to provide services beyond traditional legal advice, and to take external investment. It was created by the U.K.'s Legal Services Act of 2007. The regime is what allowed Big Four accounting firms to ...
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