The Association of Solicitors in Investment Management has set up links with Step, the Society of Trust and Estate Practitioners.
The organisations last week attended Asim's London regional meeting held at Speechly Bircham and are making plans to have future joint meetings.
Asim member Andrew Murray, of Lawrence Graham, who attended the meeting said of the links: "There is potential for the two organisations to work together. It is informal but will gain momentum."
He said that such a relationship would benefit both parties. Step members "could save a fortune in fees being split between middlemen" as its members held trusts worth "hun- dreds of millions of pounds" which were not being managed. Such a relationship would encourage members either to refer work to Asim firms or to become Asim members. "It would improve efficiency and reduce costs," Murray said.
He added that on dealing, between one-third and two-thirds of a per cent of the average of total capital value of the trust may be saved, depending on the amount of movement in the trust.
"In the informal gathering after the meeting, we got an insight into various trust issues and Asim inspired them to use Asim," Murray said.
Geoffrey Shindler of Halliwell Landau, chair of Step, said the two groups would hold a joint conference in April, which would be jointly chaired.