Latest news: First ABSs announced

Co-operative Legal Services and high street firms John Welch and Stammers and Lawbridge Solicitors Ltd have become the first alternative business structures (ABSs) licensed by the Solicitors Regulation Authority (SRA) . 03/04/2012

An ABS is a business providing regulated reserved legal activities but which has either, or both, non-lawyer owners and managers. Traditionally, law firms have had to be owned and managed only by lawyers.

‘We're delighted to announce the first ABS organisations. This represents a milestone we have been working towards for nearly two years. The arrival of ABSs should foster a more flexible and innovative market for legal services. By stimulating competition and encouraging innovation, we should see consumers' experiences enjoy a major boost,’ said Antony Townsend, SRA chief executive.

The SRA started accepting ABS applications on 3 January 2012, after being designated a licensing body by the Ministry of Justice in December 2011.

‘Our UK legal services are unrivalled around the world and these changes will allow them to reach new heights, as solicitors’ firms develop new markets, seek external investment and join up with other businesses to offer different products to consumers and provide opportunities for growth,’ explained Jonathan Djanogly MP, Justice Minister.

The SRA will continue to process the completed Stage 2 applications it has received from organisations across England and Wales. Around 60 Stage 2 forms have been submitted so far after initial interest from nearly 180 applicants.