SRA looks back on a year of ABS
updated on 24 January 2013
The SRA has completed its first year of authorising and regulating alternative business structures (ABS). It first started accepting applications on 3 January 2012, and the key stats are as follow:
- 454 firms have started the application process;
- 117 firms have completed submission of all information; and
- 74 ABS licences have been granted (with a further 19 close to completion).
Among those that have been approved are The Co-operative Legal Services (one of the first three), Parabis Law, Irwin Mitchell, Lyons Davidson, Russell Jones Walker, Quindell, Abbey Protection Group, New Law, Keoghs LLP and Amelans.
Samantha Barrass, SRA executive director, said: "We are pleased with the number and range of ABS that have entered the legal market in the past 12 months. The acceleration of approvals reflects both improvements we are making to our processes, and applicants responding to our requests for information. Our advice to prospective applicants is to engage with the SRA before making an application."
The SRA says that it is expecting further ABS applications to be made in 2013, with the range of types of business and services offered "to continue to develop and expand as the possibilities afforded by the increased flexibility of the ABS model are better understood by the market".
