Here come the big boys: City practice takes ABS plunge
Commercial law firm, Bristows, has become the largest City practice to have been granted an alternative business structures licence.
Whilst the ‘big guns’ are not unfamiliar with ABS (large national firms such as Irwin Mitchell were amongst the first approved ABS) City firms had chosen to bide their time and remain on the sidelines -until now however.
Bristows, best known in the industry for its work on intellectual property, boasts 34 partners and 74 fee earners. Non-lawyer partner Jerry Merton will now become the firm’s Head of Finance and Administration.
Despite its licence, the firm does not appear to be seeking any external investment with Charles Pugh, Head of Legal Practice, confirming it has “no plans to change anything about our business model as a result of our ABS licence”.
Content correct at time of publication