The Solicitors Regulation Authority is undoubtedly a little hive of activity at the moment, processing stage one ABS applications. However, they are not alone as preparation for the imminent arrival of Alternative Business Structures is now in full force.
After recently announcing former Vice-Chairman at PricewaterhouseCoopers, Glyn Barker, as its Executive Chairman, Irwin Mitchell has again hit the ABS headlines.
The law firm, which was one of the first companies through the SRA doors when the regulator begun accepting ABS applications, has paid £5.8m of its profits into Irwin Mitchell Holdings, the company it set up as part of its ABS restructure.
Irwin Mitchell is not the only company making significant financial steps in its ABS preparations. Private equity investor, Duke Street, has confirmed an investment of approximately $300m (£190m) in the personal injury law firm, Plexus Law, part of the Parabis Group.