North-east firm is latest to gain ABS status
A limited company based in Stockton on Tees has become the eighth entity to be licensed as an alternative business structure by the Solicitors Regulation Authority.
NAS Legal Limited’s successful application was announced by the SRA this morning. The company, which was incorporated in August 2010, intends to become an ABS on 1 August, mainly to allow non legally qualified individuals to take management roles.
A statement from the company said: 'NAS Legal Limited is a well established company with a background in housing and debt-related matters and a specialism in county court advocacy.The granting of the licence by the SRA to be recognised as an alternative business structure is allowing the company to be run by professional business women with a background in legal sector service standards and requirements and customer relations.'
Next week marks six months since the SRA began accepting applications for ABS status. About 100 'Stage 2' applications are presently outstanding, of which 30 have been completed and are into the final stage of the approval process, the SRA said.