Fasttrac Solicitors has announced that it has been granted ABS status by the Solicitors Regulatory authority.
ABS status allows law firms to appoint non-lawyers as managers and directors and for there to be external investment in a law firm.
Fasttrac joins around 50 other firms who have been granted ABS approval including Co-Op Legal Services and Irwin Mitchell.
Commenting on Fasttrac’s approval, Jonathan Stokes, director of Fasttrac said: “I am delighted that Fasttrac has been granted ABS status.
“The application process was very thorough and receiving ABS status will allow Fasttrac to appoint non-lawyers as managers and directors, who bring expertise and talent to the business.
“I believe that law firms need to be run properly as businesses and adopt best corporate practices."
He explained that because it is vital that Fasttrac’s corporate governance, risk management and effective checks and balances are as strong as they can be.
He said:”To operate to the highest standards it is important that we are able to recruit people with the right skills and mind set, and the opportunity to recruit non-lawyers into senior positions is welcome.
“We will utilise our ABS status to drive further innovation and improvements into our business model.”