Thompsons takes a year to become ABS
No change in direction or structure, chief executive says
Personal injury giant Thompsons will join its rivals, Irwin Mitchell and Slater & Gordon, in becoming an ABS in January next year.
Stephen Cavalier, the firm's chief executive, said the change in status was simply to admit finance director Andrew Lyburn as a partner.
The SRA granted Thompsons another ABS license for BBH Legal Services, a wholly owned subsidiary it acquired last year.
BBH, with offices in Liverpool, Wallasey and the Wirral, offers services in personal injury, conveyancing, wills and probate and specialises in PPI claims.
Lyburn will become the COFA of both Thompsons and BBH, while David Stothard, manager of the firm's London office, becomes its COLP.
Cavalier said he was pleased that by the licence approvals, 'which will in the short term enable our finance director to become a member of Thompsons Solicitors LLP and a director of BBH (Legal Services) Ltd, and in the long term will provide an opportunity for other non-lawyers to become members'.
Cavalier went on: 'ABS status does not reflect any change in direction or structure. Our vision and values remain the same as does our corporate governance, management and ownership structure.
'We will not be looking for external investment in the future.'
Cavalier said it was important to be able to make non-lawyers partners 'in order to reflect their contribution to the firm'.
'As a firm whose vision and values state that we aim to provide a motivating working environment in which everyone who works for us is able to develop their skills and achieve their potential, we wanted to take advantage of the opportunity to be able to make non-lawyers members.'
Cavalier added that the firm was surprised it had taken since January for their licence applications to be approved.
The licences will be effective from 1st January 2013.