Legal News
SRA holds “in-depth discussions” with 50 potential ABSs
23/09/2011
More than 50 firms and businesses have held “in-depth discussions” with the Solicitors Regulation Authority (SRA) about becoming alternative business structures (ABSs), it has been revealed.
Anthony Townsend, the chief executive of the SRA has also confirmed that his organisation will likely be able to license ABSs ‘at the turn of the year’ following authorisation from the Ministry of Justice.
Authorisation was delayed by the need to obtain agreement from the MoJ to examine spent convictions of potential ABS owners, and concerns over claiming costs from potential appeals over decisions by the SRA not to grant licences.
Townsend said that discussions have been held with a wide variety of businesses, some of which were not law firms.
He said: “There have been a few very big players, and the Co-op is the big public one, but others are less public about it.”
He added that the SRA has also had about 500 general inquiries about becoming an ABS, however he said he believed the majority of these would “come to nothing.”
From 6 October, the Legal Services Act will allow ABSs, which may be owned by non-lawyers.
ABSs will only be able to offer the full range of reserved legal services following authorisation from the SRA.
The Council of Licensed Conveyancers will be able to authorise ABSs seeking to carry out more limited reserved legal activities from October.
