UK Wealth Mgmt. Co. Wants to Buy British Law Firm

Right now, the Formation Group looks to two outside law firms, Halliwells and DLA Piper, to handle the legal needs of its well-heeled clients.

But, thanks to new legislation, the U.K. wealth management company for entertainers and professional sports figures is now looking to buy a law firm to service clients on in-house basis, reports Crain's Manchester Business.

Under the Legal Services Act of 2007, British businesses that aren't operated by attorneys are permitted to own law practices.

Additional coverage:

Manchester Evening News: "Formation Group's war chest"