More firms work on their ABS
updated on 26 January 2012
The 'Tesco law' revolution continues apace with the news that two more top 50 firms, Kennedys and Hill Dickinson, have confirmed plans to convert to alternative business structure (ABS) status. An ABS allows non-lawyers to own the law firm, and for the firm itself to offer additional non-legal services. The SRA has so far received 65 applications for ABS status from law firms and other companies.
Kennedys is currently in the process of applying, while Hill Dickinson is discussing potential join ventures with clients, with a view to apply for ABS status in 2012-13. As reported in Legal Week, the firms could soon be joined by Withers, Keoghs and DAC Beachcroft, which are all considering ABS applications at the time of writing.
When quizzed about his firm’s ABS plans, Hill Dickinson’s managing partner Peter Jackson said: "We are currently focusing on opportunities with clients to enhance individual products we provide. This may entail joint ventures with an input from clients of both finance and expertise."
