The only practical way for a law firm to operate with a non-lawyer involved as a manager, owner or investor is to become an alternative business structure (ABS). Armstrong Watson has supported a number of firms with their application to become licensed as an ABS and we currently act for seven separate ABSs on an ongoing basis.
We will help you to understand the process involved in the ABS application, and whether you should decide to proceed. We’ll manage the process from end-to-end, ensuring a smooth and seamless application.
We will provide fixed fees for each stage of the application process in advance which will be dependent on the level and scope of our required input.
- Initial assessment meeting to consider the application process; to understand what is involved and to assist with the decision whether to apply
- Provision of the SRA application forms for both the practice and the individuals, with guidance on how to complete the forms
- Creation of the chosen structure vehicle
- Review of the SRA forms prior to submission to the SRA
- Preparation, or review, of integrated financial forecasts prior to submission to the SRA
- Review and sense check of business and continuity plans and risk analysis and assessments prior to submission to the SRA
- Introductions to other advisers that will be required in the setting up of a new law firm, including legal sector specialist Professional Indemnity Insurance brokers, regulatory advisors, sector specific software providers, marketers and funders
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