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ABS applications surge in popularity
17th February 2012
Following reports that increased deregulation of the legal sector should lead to a significant number of leading firms – potentially as many as one in three of the UK’s forty largest – applying for Alternative Business Structure status, newly released information from the Solicitors Regulation Authority (SRA) has confirmed the high level of confidence that the scheme is generating.
The regulatory body has recently revealed that more than 120 practices have so far expressed an interest in gaining the preliminary ‘stage 1’ status, meaning that total applications have almost doubled in a month or so.
Under the new system, law firms will be able to seek finance from external sources, with details already announced by several organisations, including British Telecom subsidiary BT Claims.
The rise of Alternative Business Structures is bound to have consequences within law recruitment, with greater financial investment potentially leading to more available jobs and increased direct interaction with the corporate world.