Kennedys latest top 50 firm to secure ABS licence
Kennedys has become the latest top 50 firm to secure an alternative business structure (ABS) licence.
November 03, 2014 at 05:46 AM
2 minute read
Kennedys has become the latest top 50 firm to secure an alternative business structure (ABS) licence.
The licence, which was awarded by the Solicitors Regulation Authority (SRA), took effect at the start of November.
The top 30 firm outlined its intentions to convert to ABS status in January 2012 as it sought to retain the non-lawyer partners it aready had under its Legal Disciplinary Partnership structure. The firm currently has four non-solicitor partners.
Kennedys senior partner Nick Thomas (pictured) said the firm is not considering external investment following the conversion.
He said: "Having an ABS licence will not change the day-to-day running of the business and we are not considering external investment in the law firm. It will help us operate as a modern legal services business, with greater flexibility to take advantage of future growth opportunities."
In 2012 it emerged Kennedys was considering using ABS status to fund a range of litigation products including web-based litigation tool KLAiM, which allows clients to carry out the initial stages of litigation themselves and help them to independently handle low-value cases that are likely to settle quickly.
In 2013-14 the firm posted 9.9% growth in turnover, which increased to £128.5m, with its UK operations contributing £98.3m. Profit per equity partner however dropped by 2.6% to £418,000.
Kennedys follows in the footsteps of Weightmans and Gateley, which were both granted ABS licences by the SRA last December, as well as Irwin Mitchell, which secured a multiple licence in August 2012.
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