Kevin Jaquiss, partner in public services at Cobbetts LLP Manchester, has been named the Financial Times Innovative Lawyer of the Year 2010.

Kevin won the award, which recognises innovation by lawyers from across the globe, for his work in developing a workable legal model through which community benefit societies can raise working capital through share issues, rather than, as has traditionally been the case, through debt.

Described by a client as pioneering a form of “punk finance”, enabling people and community organisations to “do it themselves”, his work involves creating new legal structures for community enterprises in sport, housing, care, utilities and leisure.

Kevin Jaquiss commented: “With the Coalition Government's emphasis on community involvement in the the delivery of services they need, modern member led organisations should have an important role to play.

“Punk finance schemes or, to use the more mainstream description, community shares are an new way of allowing people to provide capital for organisations which will have a positive impact in their community. I hope the award will increase awareness of this type of funding structure, in a market where traditional funding remains difficult to access.”

Kevin’s solution modifies the usual idea of share ownership in two ways. First, shareholders cannot buy more control with more shares and the societies remain one-member-one-vote organisations. Second, shares cannot be easily traded, and shareholders are effectively locked in for a set time after their purchase. Any financial return on the shares is limited and stands behind the intended community benefit in the priorities of the business.

Michael Skapinker, FT special reports editor and chairman of the panel, commented: “During a period of austerity that demands fresh thinking, Mr Jaquiss’s innovations captured the mood of the times.”