The BSB has lodged its application to become a licensing authority for alternative business structures. Many have predicted the coming together of the branches of the legal professions in England and Wales over the years and many have been proved wrong by the stubborn persistence of the traditional legal titles. However, is this the first genuine milestone towards that end? There will be a real choice of regulator for legal businesses who offer reserved legal activities, which suggests that ABS owners will in the future look hard at what their proposed regulator might offer in terms of cost, brand and (dare I say it) lightness of touch.
I am sure I won't have been the only one at the recent Legal Futures conference on legal regulation to have remarked on the heartfelt plea from the CEO of one ABS business regulated by the SRA for the BSB to hurry up and become a licensing authority.
Bar Standards Board Licensing Authority Application Refernce Number Application Status (29 April 2015) Decision Period Documents Decision 2015/BSB BSB application to become a Licensing Authority Application received 29 April 2015 to 28 April 2016 Schedule 10, 13(1) of the Legal Services Act requires that the LSB must give a decision on an application being made to the Board. This can be extended to no more than 16 months (Schd 10, 13(4)). Synopsis Application Annexes A-C Annex D Annexes E-G Annexes H-I Annexes J-L Annexes M-P