Brokers urged to push law firms to flag up ABS intentions to insurers
Brokers must push clients to alert their insurers if they are planning to become an Alternative Business Structure (ABS) or risk being drawn into claims for non-disclosure, according to legal experts.
Under the Legal Services Act 2007, ownership of legal services providers will be open to anyone deemed "fit and proper" from 6 October 2011. The licensing regime, however, will apply from June next year and firms are required to inform insurers of any upcoming "substantial change".
Brian Rogers, partner at Lewis Hymanson Small, said: "Many firms do not see the wider picture and aren't assessing how different issues could affect them in future; others worry that declaring anything to insurers
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