Anniversary for ABS

Anniversary for ABS

The Solicitors Regulation Authority (SRA) has completed its first year of authorising and regulating alternative business structures (ABS).

387 firms have started the application process since 3 January, 2012. 74 licenses have been granted so far with a further 19 close to completion.

40 of those approved have received their licence over the last month or so.

Since the process started the SRA has revised its guidance to applicants; firstly in June, then again in October.

The SRA has said that they are producing a video explaining the process.

Samantha Barrass, SRA Executive Director, said: “We are pleased with the number and range of ABSs 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 is expecting further ABS applications to come through during 2013.

Details of the ABSs licensed so far can be found at www.sra.org.uk/absregister . Further information on ABSs is available at www.sra.org.uk/abs.

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