Premier Property Lawyers has become the first alternative business structure (ABS) in the U.K. as outside investment in law firms brought about through the Legal Services Act (LSA) became possible from Oct. 6.

The Leicester-based firm, a wholly owned subsidiary of conveyancing services provider myhomemove, has been awarded its license by the Council for Licensed Conveyancers (CLC) — the only regulator approved to license ABSs to date.