Bath-headquartered Thrings has named company commercial head Simon Holdsworth as its new managing partner succeeding Thomas Sheppard.
Sheppard will lead the development of the PI practice as he steps into the executive chairman role, with responsibility for overseeing the management board.
He said: “One of the things I’ll be doing is taking the PI business and leading that, still as part of Thrings, but as a separate legal entity, which should be in effect in the next 12 months.”
Thrings’ PI business accounts for between 10 and 15 per cent of the firm’s £21m turnover and comprises some 20 lawyers.
Asked whether the firm had applied for an ABS licence he said: “I expect that will happen but its not an immediate requirement. We are not looking for external investment or non-solicitor partners.”
Holdsworth has been shadowing Sheppard for the past 12 months in preparation for the handover.
In September last year Sheppard told The Lawyer that the firm was seeking to incorporate the PI business before applying for ABS status because of a perceived bottleneck in the SRA’s application process.