HK considers ABS for law firms

Move will increase competition.

Proposals to allow non-lawyer ownership of firms in Hong Kong could provide significant opportunities for United Kingdom Alternative Business Structures or ABS.

The Law Society of Hong Kong has been researching introducing an ABS vehicle since 2011 and expects to publish its conclusions early next year. Law society president Ambrose Lam said the move could increase competition and create opportunities for international expansion.

“If we decide it is good for the market, then it is something we will introduce,” he said.

Lam said the society is taking a cautious approach to change, noting that European lawyers have criticized the UK ABS model quite heavily.