Premier Property Lawyers becomes first firm to register as an ABS

Premier Property Lawyers (PPL) has become the first firm to register as an alternative business structure, taking advantage of the new rules that came into force today.

The Leicester-based firm provides the conveyancing service for myhomemove and is one of the largest conveyancing firms in the country.

It is the only practice that has submitted a formal application to become an ABS to the Council for Licensed Conveyancers, which is the only regulator that from today can license the new business structures.

The Solicitors Regulation Authority is expected to be ready to also license ABSs from early 2012.

CLC chief executive Victor Olowe: ‘We already have over 20 active enquiries from a range of firms, in addition to more than 40 firms we currently regulate who are part owned or managed by non-lawyers which will also become ABSs.

‘It’s obviously hard to predict how many applications we will receive, but we are geared up for anything between 100 and 150 this year.’

Olowe added: ‘We are very proud to be the first licensing authority designated by parliament to regulate these new business structures.’

‘We believe that ABSs are good news for consumers. Opening up the market will offer people a greater choice of legal service provider, while at the same time our new risk-based and outcomes-focused approach to regulation will help ensure high standards of service and will maximise consumer protection.’

PPL and myhomemove director Kevin Smith said: ‘We are proud and delighted to have been granted the first ABS licence in the UK. It has taken significant work to complete the rigorous application process but we believe that ABSs will, over time, transform the legal services market and we intend to be at the forefront of developments in this area.’

He added: ‘ABSs will inevitably lead to better funded and organised competition in the market which will benefit consumers through better value, higher quality conveyancing services. Our goal is to continue to lead innovation in this sector during what will undoubtedly be an exciting period for our industry’.

Today also sees the SRA’s move to outcomes-focused regulation taking effect and the introduction of its new handbook. The move is intended to give greater freedom and more responsibility to law firms.

Marking the two major milestones in the reform of the legal landscape, chair of the Legal Services Board David Edmonds said: ‘Our belief is that this will lead to better value services, as well as helping to bring easier access to justice for citizens in England and Wales.’

He added: ‘For firms I believe that it will help to generate growth at a critical time - both inside the sector for individual firms and, more widely, through the industry’s contribution to the UK economy.’

Justice minister Jonathan Djanogly heralded the new era for legal services, saying: ‘This is a landmark day for the UK legal industry. Our legal services are already rated among the best in the world, used by millions of people around the globe as well as in the UK, and these changes will set them up to move to new heights.

‘They will enable firms to set up multi-disciplinary practices and provide opportunities for growth. Potential customers will find legal services become more accessible, more efficient and more competitive,’ he said.