The Legal Services Board has today announced that their Board, at its May meeting, recommended for approval CILEx Regulation’s application, made on behalf of CILEx, to become a Licensing Authority for Alternative Business Structures (ABS). This is the first stage of the process which will, if approved, enable CILEx Regulation to authorise ABS entities alongside its existing powers to authorise and regulate law firms. The application will now be considered by the Lord Chancellor, who has 90 days to reach a decision.
CILEx Regulation Chair, Sam Younger, said: “I am delighted that CILEx Regulation’s application made on behalf of CILEx, to become a Licensing Authority has been recommended for approval by the Board of the Legal Services Board. If approved by the Lord Chancellor, this will enable us to license ABS entities, complementing our existing powers to authorise and regulate more traditional law firms. We look forward to receiving the decision of the Lord Chancellor in due course.”
CILEx President, Millicent Grant FCILEx, said: “The LSB’s decision is another step toward maximising opportunities for CILEx practitioners. Being able to set up legal businesses in partnership with others will further diversify the market, and over time will give more choice to the public on where they seek their legal services. I join CILEx Regulation and the LSB in asking the Lord Chancellor to support this application.”
Press enquirers should email Sarah Bailey