Goldsmith Williams has claimed that many firms are looking to create an Alternative Business Structures (ABS), following its recent one-day conference on ABS and the Legal Services Act.
In a survey of attendees, over half confirmed that they were likely to create an ABS when the legislation comes into force on 6 October 2011, which will allow them to offer legal services under their existing business brand.
The event was held by law firm Goldsmith Williams and explored how businesses outside the legal sector can take advantage of the introduction of ABSs.
The firm argues that feedback marks a distinct change in ABS perceptions in the mortgage industry. In May, a survey carried out by the law firm of its broker base found that 76.7% of brokers didn’t know what an ABS was, with 63% not understanding the full implications of the Legal Services Act.
Eddie Goldsmith (pictured), senior partner at Goldsmith Williams, said: "The feedback at the conference was in stark contrast to our survey results just two months ago. It’s clear that the mortgage sector is now getting to grips with ABS and this is set to bring a huge financial boost to the industry.
"Of course, as the hosts of the event we have a comprehensive understanding of all the benefits that implementing an ABS can bring to a business, but we were pleased to see that so many brokers and industry figures are embracing the opportunities it can present."