SRA unveils ABS application process as around 15 put in for first licences
The Solicitors Regulation Authority (SRA) has released new information on the application process to become an Alternative Business Structure (ABS) as the regulator began accepting licence applications today (3 January). The Co-operative and Irwin Mitchell have confirmed that they are among the first applicants, while the SRA has said that it is in serious talks with a total of around 15 interested parties, with more than ten first-stage applications made via the website so far today.
January 03, 2012 at 11:07 AM
4 minute read
The Solicitors Regulation Authority (SRA) has released new information on the application process to become an Alternative Business Structure (ABS) as the regulator began accepting licence applications today (3 January).
The Co-operative and Irwin Mitchell have confirmed that they are among the first applicants, while the SRA has said that it is in serious talks with a total of around 15 interested parties, with more than ten first-stage applications made via the regulator's website so far today.
The SRA expects to see around 20 early applications, with the first licences handed out by the end of February.
The application process to become an ABS begins with the completion of an online 'expression of interest' form, which organisations then submit to the SRA. The regulator's ABS team will then assess the information received and create a bespoke application pack for that organisation. The packs will comprise specific additional forms to gather information depending on the size and nature of the organisation.
The fee to apply will be dependent on the complexity of the application, but will comprise a flat fee of £2,000 and an additional £150 per person intending to provide legal activities, with each individual assessed to ensure they are a fit and proper person to work in the legal profession.
The normal approval period is expected to be up to six months from the date of receiving a complete application, although the regulator will be able to take some decisions much more quickly if appropriate.
SRA ABS team manager Ann Morgan said: "One size doesn't fit all, so we'll have to assess each application on its merits. While the preparation work has been very comprehensive, we will need to remain flexible in our approach to deal with these new firms.
"What we do know is that we have to be rigorous and robust – as robust as we are with traditional law firms. For example, we'll be asking for the employment history of everyone going back five years – we need to have detailed information relating to those who want to be regulated by us."
According to the SRA, the applicants to date are a mix of conventional law firms, such as Irwin Mitchell, which are looking to accept external investment, and companies, like the Co-operative, which are looking to run legal arms of their own in areas which were previously only available to firms owned solely by lawyers.
The Co-op recruited a trio of lawyers in November last year to launch a family law operation ahead of its intended ABS conversion, while Irwin Mitchell has been in the process of restructuring its business to make it more attractive to outside investment under the new Legal Services Act regime.
Irwin Mitchell group chief executive John Pickering (pictured) commented: "We said in April last year that we intended to become an ABS at the earliest opportunity and we have begun the application process to become a licensed body. This is the next step in furthering our strategy for growth and it again signals our intention to take advantage of the opportunities we think the Legal Services Act and moving to ABS status will offer us."
The SRA received Parliamentary approval to become an ABS regulator in December, while Premier Property Lawyers became the first ABS in the UK on 6 October. The Leicester-based firm, a wholly-owned subsidiary of conveyancing services provider myhomemove, was awarded its licence by the Council for Licensed Conveyancers (CLC) – the only regulator approved to license ABSs at the point at which that the Legal Services Act went live.
The news comes as the SRA and the Law Society have announced that they have jointly signed a lease for 57,000 sq ft of The Cube development in Birmingham's Westside district. The SRA is set to relocate its headquarters there while the Law Society's HQ will remain in London's Chancery Lane. Around 700 SRA and Law Society staff currently working in Redditch and Leamington Spa will relocate to Birmingham.
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