Do you know the difference between an ABS and a traditional law firm?
What does ABS actually mean? For those that don't know, it stands for Alternative Business Structure! They were brought in after the 2007 Legal Services Act. An ABS is actually a structure which allows non-lawyers to have a financial stake in a law firm. Examples of ABSs include established Law firms such as Irwin Mitchell, Weightmans and Knights 1759. Riverview Law, based in Bromborough, Wirral and Manchester is also an ABS, as is Co-operative Legal Services (CLS).
The Lex 100 has put together a very useful A-Z guide of legal terms here
It's especially important to know the relevant jargon when preparing for an interview at a law firm, so don't get caught out, do your research beforehand!
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