Northampton law firm becomes latest ABS

Print This Post

By Legal Futures

17 August 2012


Long: investing in the future of the firm

A 12-partner law firm with offices in Northampton and Milton Keynes has become the latest alternative business structure (ABS).

Franklins Solicitors, which has 80 staff in all, provides a range of private client and commercial law services. A legal disciplinary practice, it was set up in 1982 by solicitor Michael Franklin and non-lawyer Keith Wyld, who is a partner and the chief executive.

Managing partner Simon Long said that Mr Wyld’s position meant the firm would have had to become an ABS anyway; however, the motivation to convert came from wanting to adopt a more corporate structure as the firm has moved away from just providing private clients services and into commercial work too.

The key driver was offering non-lawyer staff the opportunity to become owners, he explained. “There are people who attract significant amounts of work or are influential in the business who, if we were a limited company or PLC, would be on the board. It’s about investing in the future of the firm.”

Further, Mr Franklin is set to retire next year, “creating opportunities for other people to come through”, he added.

Mr Long said there were no plans to seek external investment or use the added flexibility of the ABS structure in other ways.

Franklins is Lexcel accredited, as well as having Investors in People and ISO9001, and opens on Saturday mornings. It has a ‘Franklins First’ loyalty card scheme for clients who have used the firm twice. This gives them a 5% reduction on standard conveyancing fees, a 10% discount on wills, a £35 discount on re-mortgage fees, a free business set-up meeting, newsletters and an exclusive freefone telephone number.

The Solicitors Regulation Authority has now granted 18 ABS licences, and the Council for Licensed Conveyancers three, the most recent of which was major probate provider Kings Court Trust earlier this week, as exclusively revealed by this website.

 

Tags: ,



Leave a comment

* Denotes required field

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

Legal Futures Blog

What integration should, and should never, be

Phil Whitehead Infotrack

There has been a lot of talk about integration in the legal tech world for many years now, and lately it has become more of a buzzword for legal service suppliers when discussing a link between their services and the client’s existing software. The importance of integration is obvious, and when done well, the benefits are many and varied, but it has become clear that there is some confusion around what a proper integration looks like. In my years as a legal IT director and visiting clients in my current role, it has become clear that integration is a loose term that often means different things to different people.

July 19th, 2017