Kennedys becomes second largest law firm to convert to ABS status

Print This Post

3 November 2014

Thomas: greater flexibility

City firm Kennedys has become the second largest law firm to become an alternative business structure (ABS) after being awarded a licence by the Solicitors Regulation Authority (SRA).

The firm said the licence will allow greater opportunities for growth, as well as accommodating its four non-solicitor partners.

The ABS licence comes at a time of growth for the firm, which reported a 10% increase in turnover for 2013/14 to £128.5m (£117m in 2012/13), with £98.3m from UK activity.

Only Irwin Mitchell, which has five licences for different parts of its business, is higher up the list of the top 50 firms, judged by turnover, as published by The Lawyer. Parabis, Weightmans and Keoghs are the other top-50 firms that are ABSs.

In 2009, Kennedys was the first major City law firm to become a legal disciplinary practice, initially enabling two chartered legal executives to become partners. This was a transitional measure under the Legal Services Act 2007 and Kennedys needed to become an ABS to maintain the status of the four non-solicitor partners it now has.

Senior partner Nick Thomas said: “Having an ABS licence will not change the day-to-day running of the business and we are not considering external investment in the law firm. It will help us operate as a modern legal services business, with greater flexibility to take advantage of future growth opportunities.”

Tags: , ,

Leave a comment

* Denotes required field

All comments will be moderated before posting. Please see our Terms and Conditions

Legal Futures Blog

The LSB’s proposals for legislative reform: let’s be clear

Caroline Wallace LSB

The publication of the Legal Services Board’s vision for legislative reform of legal services regulation on 12 September has generated a healthy level of interest and debate. This can, on the surface, seem a somewhat dry subject. However, it has an impact not just on existing regulated practitioners, but also on providers of legal services more generally, as well as everyone who uses or benefits from an effective legal sector. And, let’s face it, that’s all of us.

October 25th, 2016