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Italian firm set to be first non-UK ABS

Italian law firm Pirola Pennuto Zei & Associati is set to become the first non-UK law firm to convert to an alternative business structure (ABS).

27 April 2012

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The firm has applied to become an ABS in its London office so that it can share revenue and profits between both lawyers and accountants. The firm is focusing on providing legal and tax advisory services. The decision to apply for ABS opens up the possibility to offer tax compliance and accounting services.

Pirola’s ABS move is thought to be the only application from a non UK-headquartered firm to date.

London partner Colin Jamieson said: “The Italian legal market is very different to the UK. While we could provide a full range of business services in the UK, we would have to keep the financials separate. So we have decided to apply to become an ABS to allow us to ensure we can build a fully integrated office here providing a full range of multidisciplinary services.”

Pirola opened its London office at the start of 2011 and currently employs five lawyers, a number that it hopes to double by the end of 2013. The firm has an annual turnover of Euro100m.

Categorised in:

Legal services Tax & Wealth structuring