Liberalisation of Legal Markets England & Wales

Philip Molden Jun 12 2011

6th October 2011 is the official date for the introduction of Alternative Business Structures (ABSs) where non-lawyers can invest in law firms for the first time. However, the Legal Services Board (LSB) believes it is highly unlikely that all the orders required to have the Solicitors Regulation Authority in place as an ABS regulator on 6th October will make it through Parliament in time. So there will be a delay but this is expected to be weeks rather than months.

Various statutory instruments have to be laid before Parliament to bring the ABS regime into being and designate the SRA as an ABS licensing authority.