LSB chair to fast-track outside investment rules
Legal Services Board (LSB) chairman David Edmonds is pushing to bring forward the introduction of Alternative Business Structures (ABS) by a year - potentially allowing outside investment in law firms as early as 2010. ABS, a key component of the Legal Services Act, are currently due to come into effect in 2011, however the LSB has confirmed it aims to move quickly. Speaking at a Law Society meeting at the end of last month (25 September), Edmonds said: "A word about timing. There are quite a few areas in the Act, not least in relation to ABS, where I want to explore whether we can force the pace of progress. "I understand David Clementi's wise words about walking before we run. But I do expect that walk to start quickly and I do expect to break into a canter pretty quickly."Last month, Legal Week revealed that the Solicitors Regulation Authority (SRA) is also ahead of schedule on the introduction of Legal Disciplinary Practices (LDPs). The organisation is intending to accept applications for LDPs by January next year, allowing it to fast-track applications when the regulations come into force, which is expected to be in March 2009.
This premium content is reserved for
Legal Week Subscribers.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now