Two ABSs on the way as Progeny springs into life


Burns: single entry point for clients

Burns: single entry point for clients

Two new alternative business structures (ABSs) are set for approval next week, as the Leeds-based Progeny Group comes into life. The group will combine a commercial law and private client ABS with a separate, FCA-regulated wealth management business.

Currently Progeny Private Law, Progeny Corporate Law and Progeny Wealth are separately owned, but that will change when the Solicitors Regulation Authority approves the ABS licences, set for next week.

Mark Burns, managing director of Progeny Corporate Law, said the group’s base would be in Leeds, with an office in London. Mr Burns is the former managing partner of Leeds commercial firm Clarion.

“We’ve created a whole business with a single entry point for clients, which they don’t get everywhere,” he said.

“We don’t talk about putting client service at the centre of our business, because the SRA tells us to do but because the clients are actually already there.

“The big advantage for the client with the new group is that, for example SME owners can get their corporate and personal wealth all dealt with at the same place, with one relationship manager.”

Mr Burns said businesses often involved themselves with lawyers as a reaction after an event, such as selling a business with no plans for proper investment.

He said Progeny aimed to avoid this by offering clients the chance to sit down with a group of professionals from the different disciplines and work out a way of solving a potential dispute.

Mr Burns added that the Progeny Group would provide “common ownership” through its stakes in the new ABSs and Progeny Wealth, formerly the Lawrence Scoffield Group.

In terms of structure, the Progeny Group is owned by Neil Moles, managing director of Progeny Wealth, and Patrick Leoni Sceti, chief executive of investment firm LSG Holdings.

Frances Davies, director of Progenyprivatelaw, said the structure of the ABS was to have four different companies

Ms Davies trained at what is now Addleshaw Goddard, where she worked for almost 10 years, before moving to Gordons and remained there for 12 years before becoming a founding director at Progeny Private Law.

“Some clients want things done under one roof. Clients will be able to engage with each of the independent companies. We are all very used to working with each other.

“The new structure will be more cost-effective for the client. We are still exploring the options at the moment and seeing what we can do. Lots of ideas are being thrown around.”




    Readers Comments

  • joe Reevy says:

    This is the obvious link up for l;aw firms, the other being to be the ‘one-stop shop’ for the SME sector. A huge advantage (which i saw years ago working as a CA in legal practice) si that you avoid all the delay inherent in the ‘triangulation of communications’ when you are not workign under one organisation with one set of priorities, much smoother communications and the admin savings that come through only 1 set of file management.

    There will be more and more of these.


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.

Reports

No larger firm can ignore the demands of innovation – that was the clear message from our most recent roundtable: “The law firm of the future”, sponsored by LexisNexis Enterprise Solutions. It comes in many forms, predominantly but not just technology, and is not simply a case of automating process. Expertise and process are not mutually exclusive.

Blog

5 December 2018

Is the insurance market starting to harden for solicitors?

Whilst there may be evidence that the insurance market for solicitors is starting to harden, with competition between insurers now far more evident, the headline is not straightforward to answer.

Read More