Accident management company-backed Principia Law has been licensed by the Solicitors Regulation Authority as an alternative business structure.
Personal injury firm Principia Law was set up last year by claims management company Helphire Group with the specific purpose of becoming an ABS. Its management team includes solicitors and barristers.
The firm will focus on road traffic accident claims.
Solicitor Peter Jerman, managing director, said involving barristers with cases from the beginning would help with the quality of work.
‘We are now in the process of taking on cases and establishing our systems,’ he said.
Helphire reported a profit of £3.1m for the half year to December 2012, compared with losses of £700,000 for the same period in 2011.
‘We have a good financial backer in Helphire,’ said Jerman.
Debt recovery firm BW Legal Services, corporate firm Joelson Wilson, medical specialists DR Solicitors and national firm Scott Rowe were also granted ABS status by the SRA last month.