Kingston Smith has become the fourth accountancy firm in the UK and the first medium-sized firm to be granted a licence by the Solicitors Regulation Authority (SRA) to act as an Alternative Business Structure (ABS) to provide legal services
The firm has appointed Andrew Bloom as a new partner and head of legal services.
Bloom commented, “Our ABS licence, granted by the Solicitors Regulation Authority, allows us to offer a wider range of legal services, thus providing a comprehensive, ‘one-stop shop’ service and greater efficiency for our clients.
“Going forward, our team of solicitors is able to advise across a wider range of probate, private client and wills matters, as well as commercial and corporate transactions including company formations, joint venture and shareholder agreements, due diligence, acquisitions and disposals, and leasing and commercial agreements, with a particular focus on assisting clients where this is ancillary to our accounting work.”
Sir Michael Snyder, senior partner at Kingston Smith, added, “The granting of our ABS licence and Andrew’s appointment as head of legal services is in line with the firm’s strategic direction in terms of building on its existing client services. Additionally, clients will certainly benefit from Andrew’s extensive expertise and legal knowledge and we look forward to all that he brings to the firm.”
Law firm Wilsons advised Kingston Smith on its successful application to the SRA.
James Johnson, partner at Wilsons said, “Being granted an ABS licence by the SRA will allow Kingston Smith to add certain legal services as extensions of the services they already provide to their clients for which there is clearly a demand.”
“The success of the application should mark a watershed moment for provision of legal services by accountancy firms and the multidisciplinary practice (MDP) model is now truly with us.”
Kingston Smith already offers probate services through an ICAEW-granted licence that it was granted in October 2014.
The Legal Services Act 2007 enables practitioners, other than lawyers, to become authorised to provide reserved legal services. This means new multi-disciplinary business structures between accountants and lawyers can also be set up to provide these services.
The first firm to receive a licence in order to join up with an accountancy firm was Price Bailey Legal Services Ltd. PwC Legal became the first of the Big Four law firms to gain approval as an ABS from the SRA in January 2014. EY and Deloitte have also been awarded ABS licences. KPMG was the first of the Big Four to be awarded a whole firm licence to practise as an ABS by the SRA.
Source: Economia
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