Over 120 organisations have now applied to the Solicitors Regulation Authority (SRA) for a licence to practise as an alternative business structure (ABS).
The SRA confirmed this morning that it had received 121 ‘stage 1’ applications from potential ABSs.
In mid-January the SRA said it had had 65 applications (19 January 2012), meaning interest remains high in the new structure.
Personal injury firms Silverbeck Rymer (30 January 2012) and Russell Jones & Walker (30 January 2012) has already announced its acquisition by outside entities. Insurance firm Parabis is taking a cash injection from private equity house Duke Street (6 February 2012).
This week a subsidiary of BT, BT Claims, announced it was also seeking to convert to ABS (16 February 2012).
Other organisations that have stated that they are seeking ABS conversion include Irwin Mitchell (16 January 2012), Co-operative Legal Services (12 January 2012), and insurance company Admiral (13 December 2011).