If you are looking to set up an ABS law firm in the UK then speak to our experienced consultants who are on hand to help you every step of the way.
We can help you set up a law firm wherever you are based.
Free Initial Discussion And Quote
For a free initial discussion and for a no-obligation quote, please call us on 0330 133 8783 or email [email protected].
What Is An ABS?
An ABS (Alternative Business Structure) are law firms that have ownership from outside the legal profession. In the past, only lawyers and other legal professionals could own and invest in law firms, which had the tendency to limit a firm’s funds and present the image of a rather outdated industry.
In 2007 the Legal Services Act introduced the idea of the ABS, changing the law in order to allow investment from outside of the legal profession. This came into force in 2012.
Despite having the option of greater flexibility, ABS firms are still subject to certain requirements, for example, all ABS’s must have:
- At least one lawyer at director level.
- A lawyer with at least 3 years’ experience practicing in England and Wales.
- Any non-lawyer’s manager must be fit and proper for the role.
- A practicing address in England or Wales.
Save Time & Seek Expertise
Depending on the amount of help you require, we offer different levels of support. We offer a range of packages and we also offer a ‘complete regulatory assistance’ plan which helps you all the way through the process, which can include building a website, branding, and setting up emails.
What Are The Differences Between An ABS Firm And A Traditional Law Firm?
There are two key elements which make an ABS firms distinguishable from traditional firms:
- A degree of external ownership and investment
- A mix of lawyers and non-lawyers working together in client-facing roles. This is the first time a partnership of this sort has effectively worked with professionals from different disciplines working alongside lawyers in one firm.
One of the most common ABS partnerships is the accountant/lawyer partnership.
Setup And Support
It can seem overwhelming when considering all the different requirements needed when starting the process of setting up your law firm. You should be considering some of the following areas from the outset:
- Agreeing on management and compliance responsibilities
- Establishing a dialogue with the Solicitors Regulation Authority (SRA)
- Writing a business plan
- Identify competition and market gaps
- Speaking to the bank about your business plan
- Allocating a third of your time to management and compliance
- Checking if ‘loyal’ clients will actually instruct the new firm
- Identifying a network for legal work you cannot complete
- Sourcing PII quotes
- Planning to market the firm at launch and into the future
- Having an exit plan
It is advised by many to use consultants to cover the areas of skills that you may not have, so you have the highest chance of business success. It’s often daunting trying to find out all the information you need to set up your firm. We save you time and money by taking the worry off your hands.
Start Your Set Up Today
If you’d like to start the ball rolling on the steps to starting your law firm, call or email us today. We can discuss the next steps and outline the costs involved in setting up. Don’t worry, all your information will be kept strictly confidential.
We can assist with a wide range of services which include but are not limited to:
- Seeking Authorisation
- Business Plans
- COLP & COFA Training
- Financial Forecasts
- IT support including cloud-based solutions and CRM systems.
- Connecting you with Professional Indemnity Brokers & Suppliers
- Marketing
- Office manuals
- Support your application to the SRA
- Website setup
- Website marketing (Digital Marketing)
Time is often limited when you are thinking of setting up, speak to our consultants about our affordable setup and support packages.
How To Get In Contact
As specialists in the legal industry, we can assist you wherever you are based. To learn more about how we can help you, then contact us today for a free initial discussion, please call us on 0330 133 8783 or email [email protected].
