What are the benefits of the alternative business structure, & is it right for you? Michael Burne provides a rundown of the ABS route
- Substance or form—if you’re not an ABS already, should you convert?
It’s been a while since I have been surprised on Valentine’s Day. But that was the date on which the Solicitors Regulation Authority (SRA) confirmed the conversion of our authorised body law firm to an alternative business structure (ABS). As a so called ‘next generation’ law firm, it begs the question: why now? Many assumed we already were an ABS law firm and were surprised to find this wasn’t the case. When we started our firm, ABS was new, the SRA was developing its process and resourcing, and we didn’t need to be one. So we kept it simple and started as a limited company authorised body. That structure has served us well, but as our business strategy, formed in 2014, was executed, we knew that a change would be needed.
Why now?
So why now? Tom Cruise has the answer: ‘Show me the money’. Why was
