Keystone Law is pleased to announce that its application to become an Alternative Business Structure (ABS) has now been approved by the Solicitors Regulation Authority. The firm will convert to the new status on the 21 October 2013.
Keystone was the 173rd ABS to have been created since the approval process began in early 2012. From submission of its application to final approval the process took just 2.5 months. The process led by the newly formed professional practices team is believed to be one of the fastest approvals since the introduction of ABS’s and highlights the team’s exceptional capabilities and knowledge of the process.
Keystone revolutionised the UK legal industry by providing an alternative to the traditional law firm model long before the Legal Services Act was introduced. Established in 2002, Keystone has provided clients with expert legal advice from partner-level solicitors in a flexible, cost-effective way. It does this by operating as a full service commercial law firm that is dispersed geographically but seamlessly connected through an intelligent bespoke IT system. Conversion to an ABS will enable the firm to continue this and offer additional client services that are ancillary to its existing legal services.
Following ABS approval non-solicitor, Charles Stringer, who founded Keystone with James Knight can also become a director of the firm.
James Knight, Managing Partner of Keystone Law said:
“Law firms who elect to become alternative business structures do so for a myriad of different reasons. For Keystone it was always an inevitable and logical route for us to take. Not only does ABS status allow us to structure our management team in a more effective way, it also means we are free to offer our clients additional services. In fact, it provides so much freedom and flexibility that by 2015, I anticipate over half of all UK firms will have taken the plunge or be contemplating doing so. Why wouldn’t you when there really is no downside. The SRA seem to have completely overcome their initial teething problems when it comes to handling ABS applications. They handled our application in the quickest and most efficient manner imaginable and have been a joy to deal with.”