Specialist public services law firm TPP Law has become an alternative business structure, with Managing Director Mark Johnson saying the move would help with raising additional working capital for expansion.
TPP Law was originally set up as a limited company in 2001, rather than the partnership structure favoured by the vast majority of law firms.
Johnson said the firm was required to convert to ABS status as it had a non-lawyer amongst its management team.
He added: “Although we remain the same legal entity, adopting this format will provide us maximum flexibility for the future development of our successful public services practice in a very challenging market.
“In particular, it will help in addressing the twin challenges of raising additional working capital for expansion through attracting outside investment and in securing market share through collaboration.”
Johnson described the process of obtaining approval from the Solicitors Regulation Authority for ABS status as “rigorous and demanding”.
He said: “It is a seal of approval and a further guarantee for our public sector, corporate and charities clients that we are well-positioned for the future.”