“Tesco Law” is born as first Alternative Business Structure licence is approved
Premier Property Lawyers has been awarded the first Alternative Business Structures licence by the Council for Licensed Conveyancers (CLC).
Based in Leicester, the firm is a wholly owned subsidiary of conveyancing services provider myhomemove.
CLC chief executive Victor Olowe said:
“We have only 20 years’ experience in regulating the licensed conveyancing profession and we will be extending the same rigorous but proportionate approach to regulation of ABS. We are proud to be the first Licensing Authority designated by Parliament to regulate these new business structures.”¹
Despite Alternative Business Structures are now a very real proposition, others keen to follow in Premier Property Lawyers footsteps are likely to face delays as the Solicitors Regulation Authority (SRA) is still waiting to be approved by Parliament as the main licensor and regulator of ABSs.
It is the SRA aim to be able to approve licences from January 2012. The Co-operative is likely to become the first major company to convert, while Irwin Mitchell is among the UK law firms stating it aim to convert when allowed. The SRA has confirmed, however, it has seen a large selection of applications, including companies and law firms of various sizes, suggesting many are seizing this opportunity with both hands.
Senior partner at Goldsmith Williams, Eddie Goldsmith, is currently offering a free Alternative Business Structures consultation to outline how an ABS partnership with Goldsmith Williams could work for you and your business. Click here to find out more.
¹Legal Week (Oct 2011)
Content correct at time of publication