Leading accountants become first to swap ABS regulator


Snyder: building on existing client services

Snyder: building on existing client services

Leading accountancy firm Kingston Smith has become the first alternative business structure (ABS) to switch regulators after being granted a licence by the Solicitors Regulation Authority.

It had been the first ABS regulated by the Institute of Chartered Accountants in England and Wales, but the only area of reserved work the institute can currently regulate is probate.

The move allows the top 20 accountancy practice to offer a wider range of legal services, and it has hired Andrew Bloom – formerly a corporate partner in the London office of US firm Steptoe & Johnson – as a partner and head of legal services.

In a statement Kingston Smith said Mr Bloom’s primary focus would be “to grow and enhance the firm’s current legal service offerings by providing additional ancillary services where appropriate to do so and delivering an all-encompassing and comprehensive approach for clients”.

Sir Michael Snyder, senior partner at Kingston Smith, said: “The granting of our ABS licence and Andrew’s appointment as head of legal services is in line with the firm’s strategic direction in terms of building on its existing client services.

“Additionally, clients will certainly benefit from Andrew’s extensive expertise and legal knowledge and we look forward to all that he brings to the firm.”

Speaking at Legal Futures’ regulation conference earlier this year, Sir Michael said that once the firm was licensed by the SRA, the “limited” legal services it would offer, for example on M&As or HR issues, would be “incidental” to the firm’s wider work.

“We have no intention of doing conveyancing, larger M&A, family or criminal work,” he said.

He would not be drawn on whether the firm would return to the institute’s regulation if and when it has the power to regulate all of the reserved legal activities.

This was Kingston Smith’s second application to become an SRA-regulated ABS. He told the conference that the first one had been “sheer hell” because of how the regulator initially dealt with accountancy firms, but this had now changed.

Tags:




Leave a Comment

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


From cost saving to revenue making – post-pandemic commercial success

Commercial success is the driving force for ambitious law firms and it should come as no surprise that many have a renewed determination to re-evaluate their businesses in the wake of Covid-19.


Success in-house – what people don’t tell you about how to get there

TV dramas have made many people think that the legal profession consists of heroes (or villains) in high-flying firms or public prosecution. In reality, nearly a quarter of solicitors work in-house.


The ‘soft landing’ growth strategy for law firms

Increasing demand for ‘hot’ areas of law inspires opportunist law firms to hire more specialists to add to their firepower – the right people at the right time. Yet this is a big ask.


Loading animation