The Law Society has published a practice note aimed at firms considering establishing a trust corporation.
Trust corporations have traditionally been owned by high street banks or firms with substantial private client departments. However, some new entrants into the legal market are combining them with a consumer brand to provide legal services, while more established law firms are creating them in response to demand.
Trust corporations are separate entities to the parent partnership or LLP, so carry a separate risk, and require £100,000 paid-up capital in cash. The note covers the practicalities of establishing a corporation, including regulatory requirements.