Revealed: the first accountancy firm to form an ABS

Print This Post

By Legal Futures

9 April 2013

Accountants: debate over one-stop shop

The first accountancy firm to be granted an alternative business structure (ABS) licence has said it won’t “shoot itself in the foot” by entering the legal market – just yet.

Price Bailey has created a legal services business which has been given approval by the Solicitors Regulation Authority.

However, managing director Peter Gillman said that the firm, which has an established niche in advising law firms, will be careful not to “tread on the toes” of its clients.

Price Bailey is an eight-office firm of chartered accountants across East Anglia, London and Guernsey that advises law firms on ABS and corporate structures.

Mr Gillman said they created Price Bailey Legal Services LLP after recruiting solicitor Victoria Pratley from Pellys to run its large payroll solutions department, which often strayed into areas of employment law.

He said the ABS structure for the legal services entity now allows the firm to promote that offering in the market.

Mr Gillman added: “Once the legislation came in, it has been something of a discussion topic between lawyers and accountants as to whether there is a movement in the market to bring the two professions together. The logic of an allegiance is clear to see.” However, he acknowledged that it was less clear whether the market is ready for an accountancy firm going into legal services.

Although Price Bailey is breaking new ground, Mr Gillman said there was “no immediate plan” to “tread on the toes of law firms” and that he was “very conscious” not to alienate mutual business opportunities.

But he continued: “Over time there will be a natural push towards the synergies between the two professions and we will looking at whether it is better for to keep a separate legal identity or create a one-stop shop for accountancy and legal services.”

2 Responses to “Revealed: the first accountancy firm to form an ABS”

  1. This really isn’t breaking new ground. There is a long history of the accounting firms providing legal services. Anderson was the most prominent until Enron. Even now the big 4 have lawyers working as Legal “Consultants” .

    With the positioning here this ABS could provide unbundled services to their law firm clients. Where they do part of the work that is lower margin so the firm doesn’t have to expense their labor force on it. Such things as document review, or discovery requests. They could also provide legal work flows for the law firms, so they can be more efficient.

  2. legaltruth on April 10th, 2013 at 1:08 am
  3. Great news! Peter Gillman is a forward thinking, well respected leader of a great firm. Well done for pushing ahead with a new approach to deliver even better services to clients. That’s what it is all about.


    Kim Archer
    Archer Associates Ltd

  4. Kim Archer on April 10th, 2013 at 10:11 pm

Leave a comment

* Denotes required field

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

Legal Futures Blog

Gathering speed: The lawtech start-up world you can no longer ignore


If there are any lawyers out there who are starting to relax, believing that predictions of the demise of law as we have known it in the face of technological change have been exaggerated, they should think again as 2017 begins. A growing hum of activity by the sort of bright and industrious people who have transformed the world in many other respects is being heard in legal corridors hitherto largely undisturbed by the modern world. As their ideas achieve traction, they will disrupt the profession and perhaps even displace lawyers who imagined their careers were set to last a lifetime.

January 23rd, 2017