SRA defends ABS regulation
21st March 2012
The Solicitors Regulation Authority (SRA) has defended itself against voices in the legal sector who have accused it of moving too slowly in the process of approving Alternative Business Structure applications.
Although the watchdog has assured concerned parties that the first six completed ABS transitions are imminent, it has faced criticism for its lack of speed and there has even been speculation that a high-profile merger has been delayed as a direct result.
A statement from the SRA, however, explained how many of the applications are highly complex and will therefore necessarily take time to settle. The regulatory body also noted that some proposals did not contain all the information that was required of them to be dealt with immediately.
With many solicitor jobs in London potentially being created by the rise of the Alternative Business Structure, those in law recruitment and the wider industry will be hoping that the SRA continues apace with its endeavours to fully integrate the new system as quickly as possible.