Alternative Business Structure (ABS) and SRA New Law Firm Authorisations
Whether you want to set up a new law firm, incorporate an existing practice, or apply to become an Alternative Business Structure (ABS), we will guide you through the rigorous SRA new firm or ABS application process smoothly and effectively.
Setting up a law firm is exciting, but can be daunting too. We know because we’ve been there – we’ve set up our own practice, twice! Since then, we’ve successfully helped many Enderley clients to become SRA authorised and to establish their own practices, with turnovers ranging from £200,000 to £5 million.
We can also offer support with dual SRA and FCA applications on a case by case basis.
What are the first steps in setting up a new law firm?
The Enderley process will usually start with a phone call or Teams meeting with you to discuss your plans and help you decide on the most appropriate structure. The Legal Services Act offers a lot of flexibility in choice of business model and structure, and we can help you decide on the most appropriate model and structure to realise your vision.
We’ll ask you to send us your draft business plan and financials (if you have them) for us to review and amend, or we’ll draft a business plan for you from scratch. We know from experience what the SRA are looking for and we’ll ensure it’s all covered at the outset.
You can use the same business plan to apply for professional indemnity insurance – you’ll need a PII quote or certificate for your SRA application.
What does the SRA ABS/New Firm Application process involve?
We’ll project manage your application and liaise with the SRA throughout the process.
We aim to drive the process forward as far as possible through a structured and organised approach, ensuring that all the required information is included when you submit the application to avoid delays at a later stage.
Our work involves:
- Completing SRA forms FA1, FA2, FA3, FA6, FA8, FA10 as appropriate to your application
- Calculating the SRA application fee (please note that SRA fees are not included in our pricing)
- Providing you with essential risk management policies and procedures and terms of business, or a complete Lexcel/CQS compliant risk manual
- Preparing documentation for COLP and COFA, including our unique compliance plan and COLP and COFA active monitoring system and a high-level risk register for the firm
- Defining exit strategies – you will need a succession plan
How long will it take to become SRA authorised?
Once you’ve provided us with all the information we need, we will prepare the application within a month. If your application is urgent, we will expedite the process.
The SRA’s target is to process and authorise new law firm applications within 3 to 4 months (or up to 6 months for ABS applications), but SRA authorisation will typically be decided within two months (or 2 to 3 months for ABSs).
We will guide and support you throughout, helping you answer the SRA’s questions and liaising with them as needed.
Are you ready to bring your dream practice to life?
Ed Austin would be delighted to discuss your plans and requirements.
