In setting out its views on the regulation of alternative business structures (ABSs) yesterday, the Legal Services Board signalled its willingness to override approved regulators if they don’t get their act together quickly. The LSB wants legal regulators to be ready to regulate ABSs before 2011. If they don’t, it will go over their heads and license ABSs direct.

Statements like this serve as a sharp reminder to the eight legal regulators about who is now calling the shots – David Edmonds and Chris Kenny.

The LSB also had something to say to practitioners. It more or less discounted concerns that small firms will struggle in the ‘Tesco law’ era, which will not make pleasant reading for some. In fact, it turned the argument on its head, saying that small practices could benefit as much as larger firms. Many solicitors will disagree with that.

The discussion paper, which is especially notable for a number of bold, unambiguous statements of intent, is required reading for those planning to survive and prosper in the ‘Tesco law’ era. It can be found on the LSB’s website: www.legalservicesboard.org.uk.