Thursday, 08 December 2016
LSB launches ABS survey
The Legal Services Board (LSB) today launches a survey of all alternative business structures (ABS) to understand more about the environment in which they function and the challenges that they face.
Legal Services Board Chief Executive, Neil Buckley, said:
"Over five years after the first award of an ABS license there are now nearly 800 ABS. Building on a survey of ABS we conducted in 2013, The Legal Services Board is now looking to broaden its understanding of the views and experience of this diverse group of businesses.
ABS now provide services in all parts of the legal services market and to a wide range of legal services users. We would like to know more about how they operate, the use of external investment, and their views on regulation.
This is an anonymous survey from which we will publish the aggregate findings. If you are an ABS firm and you would like to share your experiences please use this survey to have your say!"
ENDS
For further information, please contact the LSB's Communications Manager, Vincent McGovern (020 7271 0068).
Notes for editors:
- A link to the ABS survey will be emailed to ABS firms. If you want to register your interest or haven't received an email please contact Rob Cross.
- This survey should take around 15 minutes to complete. All responses are anonymous and the findings will be reported at an aggregate level so that no individual business can be identified. A report is expected to be published around Easter 2017.
- The more than 800 ABS are licenced by the Solicitors Regulation Authority, the Council for Licensed Conveyancers, the Institute of Chartered Accountants of England and Wales, and the Intellectual Property Regulation Board. The first ABS licence was issued on 6 October 2011.
- The Legal Services Act 2007 (the Act) created the LSB as a new regulator with responsibility for overseeing the regulation of legal services in England and Wales. The new regulatory regime became active on 1 January 2010.
- The LSB oversees nine approved regulators, which in turn regulate individual legal practitioners. The approved regulators, designated under Part 1 of Schedule 4 of the 2007 Act, are the Law Society, the Bar Council, the Master of the Faculties, the Chartered Institute of Legal Executives, the Council for Licensed Conveyancers, the Chartered Institute of Patent Attorneys, the Chartered Institute of Trade Mark Attorneys, the Association of Costs Lawyers and the Institute of Chartered Accountants in England and Wales.
In addition, the Institute of Chartered Accountants of Scotland and the Association of Chartered Certified Accountants are listed as approved regulators in relation only to reserved probate activities. - As at 1 April 2016, the legal profession in England and Wales comprised 145,059 solicitors, 15,288 barristers, 6,848 chartered legal executives and 5,697 other individuals operating in other areas of the legal profession such as conveyancing. The UK legal sector turnover was £32 billion per annum (2015) which is up 23% in cash terms since 2012. For more information see here.