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Post by Denise on Aug 18, 2011 10:17:12 GMT
When Part 5 of the Legal Services Act 2007 comes into force, the first alternative business structures (ABS) will be able to open for business in the legal services marketplace in England and Wales. This will mean that for the first time non-lawyers will be able to fully own and invest in law firms. Alternative Business Structures (ABS) will need to have a licence in order to operate. The SRA has applied (on behalf of the Law Society) to the Legal Services Board (LSB) to become a Licensing Authority for ABS. On 13 June 2011, the LSB approved the SRA's application and recommended to the Lord Chancellor the SRA's designation as a Licensing Authority. When the Soclicitors Regulation Authority (SRA) will formally be designated to license ABS is dependent upon the parliamentary timetable. It is hoped that the SRA will be designated before the end of 2011. To access SRA website and more information: www.sra.org.uk/abs/
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