PwC and Direct Line enter the ABS market with new legal service offerings

PricewaterhouseCoopers (PwC) has been granted an ABS licence by the SRA, the first of the 'big four' accountancy firms to receive one. Commentators suggest that this will set a precedent that may see the remaining three - KPMG, Deloitte and Ernst & Young - following in PwC’s footsteps.

As reported in Legal Futures, the ABS licence means that PwC can now become an owner of PwC Legal, which is a separate firm within the PwC network. Shirley Brookes, senior partner of PwC Legal, said: "This marks an important step for PwC Legal, supports our ambitions to further invest in people and skills, and underpins the focus of both firms on delivering value and quality to clients through strong relationships."

In other ABS news, insurer Direct Line has finally been granted its licence, after submitting an application in 2013 (and talking openly about entering the market since 2012). DLG Legal Services, a subsidiary of Direct Line Group, will offer legal services to existing customers in conjunction with Parabis Law LLP from 3 March 2014.

For more on the ABS revolution, see our feature, "What's the alternative?".