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Contact Us Solicitors’ Bulletin News - January 2012
Law firms look at ABS opportunities
The Solicitors Regulation Authority (SRA) has begun to accept applications from organisations which wish to be licensed as alternative business structures (ABS).
In addition to companies, such as the Co-operative, which wish to operate their own legal division, the initial applicants include traditional law firms looking to attract external investment.
Legal firms which are considering the move to ABS status feel that this will provide them with more opportunity for growth through enhanced access to capital and greater funding flexibility.
In addition, they will be able to offer a greater range of services to clients, with the potential to become a one stop shop or to consolidate a particular specialism that they offer.
Further details on the process that organsiations will need to follow to become an ABS have also been released. The first step is to complete an online expression of interest, from which the SRA will create a bespoke application pack. This includes detailed additional forms to gather information based on the size and nature of the organisation.
Once the SRA is satisfied that it has all the information required, a fee will be charged to cover the costs of authorisation, with the amount dependant on the complexity of the application submitted. This will be followed by a further regulatory fee should the application be successful.
Following the initial applications, the SRA expects to hand out the first licences by the end of February.
For more information on making the most of benefits-in-kind, please contact us.
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