Tuesday 24 April 2012

NewLaw Legal becomes 4th ABS to be approved


The Solicitors Regulation Authority (SRA) has – not before time – announced the fourth alternative business structure to gain approval under the new Legal Services Act regime. 

Cardiff based solicitors’ firm NewLaw Legal Limited, a personal injury specialist firm established in 2004 by former Eversheds partner Helen Molyneux and Australian lawyer John Gannon, has become the latest organisation to receive a license from the SRA.

It is the first law firm of significant scale to obtain approval, having 250 staff across offices in Cardiff and Glasgow. It seems that the firm should be commended on their patience and tenacity – according to click hereNewLaw’s chief executive, Helen Molyneux, NewLaw was founded in anticipation of the legal services market being opened up to non-lawyer ownership.  I suspect that at the time they did not imagine that it would take 8 years before that aspiration could become a reality.

Nevertheless, all good things come to he who waits, and Ms Molyneux believes that the approval will give added momentum to the joint venture business strategies that the company has been evolving for some time.  The jv strategy has led to the law firm claiming to be the fastest growing law firm in the personal injury field.
The SRA began accepting ABS applications on 3 January and has since received 74 stage two forms from organisations, after initial applications from more than 200 applicants.

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