Mobile Doctors Group Plc : ABS Applications Surpass Expected Numbers

ABS Applications Surpass Expected Numbers

Date: Monday, February 20th, 2012

The number of alternative business structure (ABS) applications that the Solicitors Regulation Authority (SRA) has received so far is much higher than expected, SRA chief executive Antony Townsend has confirmed.

Since 3 January, which was the first day when applications were accepted, there have been 96 ABS forms of the type stage 1 submitted, meaning that interest in beginning the process is being declared. Individually tailored stage 2 forms are currently being sent to these firms, with detailed information about what an ABS is.

Townsend claimed that while the SRA predicted far more modest numbers of applications would be submitted, it finds the boom in forms received "interesting and encouraging". However, this does not necessarily mean that all 96 will be approved in the process and go on to become 96 authorised ABSs, he explains.

It is still not known when the first authorised ABSs will be presented to the British public but Townsend explains that applications will be accepted for a few more weeks. Then, there are six months in which the applications will be assessed, with this period extended by three more months for more complicated cases.

Meanwhile, at the 360 Legal Group's mergers and acquisitions summit in London, Townsend also talked about a possible future merging of all eight legal regulators currently operating into one.