Keystone Law is to become an alternative business structure in October, following approval by the Solicitors Regulation Authority (SRA).
According to the Law Society Gazette, the commercial firm is the 173rd to have its application for ABS status approved by the SRA.
Founder and managing partner James Knight said that the conversion to ABS ‘was always an inevitable and logical route’ for Keystone Law to take. He added that ABS will enable the firm to ‘offer additional client services that are ancillary to its existing legal services.’
The firm will also use the new ABS licence to restructure its management, so that co-founder and non-solicitor Charles Stringer may become a director of the firm.
‘It provides so much freedom and flexibility that by 2015, I anticipate over half of all UK firms will have taken the plunge or be contemplating doing so,’ said Knight. ‘Why wouldn’t you when there really is no downside?’
Keystone, founded in 2002, will convert to the new status on 21 October 2013.
According to The Lawyer, the firm has already expressed an interest in launching a commercial arm in Australia via a joint-venture structure, and is now considering similar plans in Italy, France, Israel and South Africa.
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