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Post by nickd on Mar 27, 2012 23:59:07 GMT 1
Insurance firms are predicting a difficult time ahead as they wait on Solicitor regulation ‘Difficult’ year ahead for ABS hopeful Tuesday 27 March 2012 by John Hyde One of the UK’s leading legal expenses insurers has predicted a ‘difficult’ coming year despite an impending move into the legal profession. Abbey Protection today reported 2011 pre-tax profits of £10.1m - 5% up on the previous year. The company had expected by now to have obtained a licence to become an alternative business structure (ABS) and to have expanded its in-house service and bought an equity stake in a law firm. Chief executive Colin Davison admitted he was ‘disappointed’ to be one of dozens of companies still waiting on the Solicitors Regulation Authority to grant its licence. Chairman Tony Shearer said it will be important to take advantage of new opportunities when they come, as the outlook for Abbey’s small business customers was not improving. He said: ‘UK-based small businesses have faced pressures on their employment levels and taxable income for two consecutive years and we anticipate that these pressures will be present throughout 2012.’ The company increased total revenue from £34.9m in 2010 to £36.2m in 2011, during which time its share price rose by 10%. Meanwhile, the SRA today confirmed it is not yet ready to announce the first successful ABS application almost three months after the process opened. www.lawgazette.co.uk/news/difficult-year-ahead-abs-hopeful
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Post by nickd on Mar 31, 2012 7:39:34 GMT 1
It looks like the Solicitors Regulation Authority has got around to naming the first 3 'ABS' firms - Major player being the Co-Operative  So along with buying a lettuce, you'll now be able to get legal advice from the Co-Op.
Our question should be at what cost?
Will they advise people on issues of social welfare law such as welfare benefits and debt, if so how and for how much?
These are the questions we want answered in the light of the legal aid cuts.
"SRA names first three organisations to get ABS licence"
Wednesday, 28 March 2012
The Solicitors Regulation Authority has named the first three organisations to be licensed as an alternative business structure. The highest profile is Co-operative Legal Services, which is part of the Co-operative Group and already employs around 400 staff. The others are John Welch and Stammers, a firm based in Oxfordshire, and Lawbridge Solicitors Ltd, a one fee-earner practice in Kent. The SRA also said it had received 60 completed submissions for stage 2 of the licensing process. Nearly 180 applicants have shown interest in becoming an ABS since the regulator started accepting applications on 3 January this year. An ABS is a business providing regulated reserved legal activities but which has either, or both, non-lawyer owners and managers. Established in 2006, Co-operative Legal Services plans to recruit more than 150 employees this year as it diversifies into family law and other areas of consumer legal practice. ABS status will meanwhile allow seven fee-earner-strong John Welch and Stammers to appoint its practice manager, Bernadette Summers, as a non-lawyer managing partner. Lawbridge Solicitors Ltd has one solicitor/fee earner, Michael Pope. Becoming an ABS will allow his wife Alison, currently the practice manager, to become a director of the firm and have a significant shareholding. SRA Chief Executive Antony Townsend said: "The arrival of ABS should foster a more flexible and innovative market for legal services. By stimulating competition and encouraging innovation, we should see consumers' experiences enjoy a major boost. "Some people may be surprised that there are two high street practices with a handful of staff among the first wave of ABS organisations that we've authorised. But we've always said that ABS offers options for all firms, not just large organisations.” Jonathan Djanogly MP, Justice Minister, added: "This is a huge milestone for UK legal services and the future of alternative business structures. "ABSs introduce more competition in the market place, delivering competitive pricing, higher standards of product and more choice for the consumer.”
Mylegal - We will have to wait & see if this transpires to be the case. See here www.localgovernmentlawyer.co.uk/index.php?option=com_content&view=article&id=9909%3Asra-names-first-three-organisations-to-get-abs-licence&catid=51%3Amanagement-articles&
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