ABS licensing changes approved by the LSB
Measures to make it simpler for multi-disciplinary practices (MDPs) to be licensed as alternative business structures (ABS) by the Solicitors Regulation Authority (SRA) have been approved by the Legal Services Board (LSB).
The SRA’s changes are designed to ensure a proportionate regime for firms delivering a range of professional services involving other regulators. The proposals were agreed by the SRA’s Board in September, and were ratified by the LSB on Tuesday 21 October. Amends will be made to the SRA’s Handbook at the end of month.
Paul Philip, SRA Chief Executive, said: "The changes should pave the way for other potential MDPs to come forward and offer reserved legal activities alongside other professional services. This is an important milestone in our reform programme, increasing competition and encouraging growth in the legal services market."
Details on the SRA’s proposals can be found in the policy statement here: http://www.sra.org.uk/sra/policy/policies/multi-disciplinary-practices-sept-2014.page