A law firm with a significant public sector practice has become one of the first dozen alternative business structures to gain a license.
The Solicitors Regulation Authority granted Winckworth Sherwood its license on 2 August. The firm’s core areas include social housing and local government.
Winckworth Sherwood said it had previously operated under a legal disciplinary practice (LDP) structure allowing non-lawyers to become equity partners.
It added that the conversion to an ABS would allow non-lawyer partners to retain equity.
Tom Vesey, Winckworth Sherwood partnership secretary, partner and qualified accountant, said: “We were required to obtain ABS status because we were an LDP. While we have no immediate plans to seek wider investment in the capital base of the firm or extend the range of our business activities, these are options that now exist and will be given due consideration as our market evolves.”