Proposals to allow non-lawyer ownership of firms in Hong Kong could provide significant opportunities for UK alternative business structures, legal market analysts believe.
The Law Society of Hong Kong has been researching introducing an ABS vehicle since 2011 and expects to publish its conclusions early next year. Ambrose Lam, president of the Law Society of Hong Kong, said the move could increase competition. ‘If we decide it is good for the market, then it is something we will introduce.’
Viv Williams, CEO of consultancy 360 Legal Group, suggested the move would create opportunities for international expansion.
Lam stressed that the society was taking a cautious approach to change. ‘European lawyers have criticised the UK ABS model quite heavily,’ he said. ‘We don’t want it to affect the integrity of law firms.’