Setting up an ABS

So you understand what an Alternative Business Structure is and how it could benefit you and your business. The next question is... how do you get in on the action and set up your own ABS?

As explained an ABS requires at least one qualified and approved lawyer.
Click here to enquire about becoming an ABS with Goldsmith Williams.

An Alternative Business Structure needs to be licensed by a licensing authority such as the Solicitors Regulation Authority (SRA) or Council of Licensed Conveyancers in order to be able to offer regulated legal services to the public. Licences have been available since 6 October 2011.

Before applying for an Alternative Business Structure, there are several pre-conditions to be met:

• Professional indemnity and compensation funds rules to be complied with
• Approved Head of Legal Practice and Head of Finance and Administration in place
• Approved Managers and Owners
• Compliant with “Practice Framework Rules”
• Requirements as to the name of the business.

Procedure

1. Complete prescribed application forms. These are available from the SRA
2. Pay the relevant fee
3. Provide additional information such as business plans, budget and references.

Regulators, such as the SRA, must make a decision on the application within 6 months of receipt of completed application.