ABSTRACT
In the following chapter you will develop an understanding of how law regulates nearly every aspect of social order within society, and the impact it has upon the organisation and regulation of business activities. The English legal system is a rich tapestry of both common law and legislative legal rules but one of the biggest changes in recent times has been the deregulation of the legal profession which interprets such rules. The Legal Services Act 2007 effectively introduced the concept of ‘alternative business structures’ (ABS). The outcome has been that for the fi rst time in history law fi rms can operate with capital investment from non-legal investors. Many law fi rms are already inviting investment from non-lawyers and several brand names have entered the legal service marketplace. This has revolutionised the availability of legal advice to both the private and business sectors, but not without criticism. Many argue that the quality of service and integrity of the legal profession will suffer. Students embarking on a study of business law should remain alert to how the changes work out, as they will have considerable implications for business and commerce.
