It has been nearly three weeks since the Solicitors Regulation Authority (SRA) opened its doors to Alternative Business Structure applications, with confirmation that around 50 first stage applications have been received. Yet despite this, many seem somewhat unfazed by what has been dubbed “the biggest change in the provision of legal services”.
However, with the SRA confident it will issue the first licence by the end of February, now is not the time to adopt a wait-and-see attitude.
There has already been a hint or two regarding the legal world post ABS; the launch of the website RoadTrafficRepresentation.com, where people charged with a motoring offence can receive a free online diagnosis of their case, a prime example.
Alternative Business Structures are about making legal services more accessible and simple for the consumer and it is initiatives such as RoadTrafficRepresentation.com that are ultimately testing the water and shaking up the traditional manner of obtaining legal advice.
In order to be ready for the storm, it is vital to take action now. If you are interested in discussing how setting up an ABS could benefit your business, contact Senior Partner, Eddie Goldsmith.