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Our ABS license will help us to operate a ‘modern’ business, says Kennedys

'We are not considering external investment in the law firm'

3 November 2014

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By Manju Manglani, Editor (@ManjuManglani)

International law firm Kennedys has obtained a license from the Solicitors Regulation Authority to operate with an alternative business structure (ABS) in the UK.

The firm has emphasised that the license, which is effective 1 November 2014, is not intended for obtaining external investment. Rather, the licence is necessary to accommodate the firm's four non-solicitor partners.

"Having an ABS licence will not change the day-to-day running of the business," said Nick Thomas, senior partner.

"We are not considering external investment in the law firm.

"It will help us operate as a modern legal services business, with greater flexibility to take advantage of future growth opportunities."

In 2009, Kennedys was the first major City law firm to become a legal disciplinary practice, initially enabling two chartered legal executives to become partners.

This was a transitional measure under the Legal Services Act 2007. The firm subsequently needed to become an ABS to maintain the status of its four non-solicitor partners.

The ABS licence comes at a time of unprecedented growth for the firm, which reported a 10 per cent increase in turnover in 2013/14 to £128.5m, of which £98.3m came from UK activity alone.

 

 

 

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