SRA approves Irwin Mitchell’s ABS move
LAW firm Irwin Mitchell today confirmed that it has become one of the first organisations to be approved as an Alternative Business Structure (ABS) by the Solicitors Regulation Authority (SRA).
Irwin Mitchell, which has a fast-growing office in Manchester as well as bases in Leeds, Sheffield and Birmingham and Manchester, has also become the first firm to be granted multiple ABS licences.
It has been granted five licences by the regulator covering a range of businesses within its group structure.
Under ABS, law firms can change their ownership arrangements away from share-holding partnerships to structures more aligned to non-law businesses such as banking, insurance and financial services.
The SRA has also approved the appointments of Glyn Barker, the former vice-chairman UK of PwC, as chairman of Irwin Mitchell’s parent company, IMCO Holdings, with immediate effect.
Mel Egglenton has also been appointed as a non-executive director and chair of the company’s audit committee, a role he previously held with accountancy firm KPMG.
Group chief executive, John Pickering, hailed the ABS decision as a “major step forward”, adding it would allow Irwin Mitchell to drive forward its growth plans.
Mr Pickering said: “This is a major step forward for Irwin Mitchell as a group and we are delighted that we have received the licences for which we applied.
“It’s a very significant day for us, an important milestone which positions us well to take advantage of the opportunities which we think will arise from the changing legal landscape.
“We can now push on with our plans for growing the business. Conversion to ABS status sends a clear signal that we intend to move forward with our strategy.
The five licences granted to Irwin Mitchell cover businesses operating separately within the firm’s group structure, including Irwin Mitchell LLP; Ascent Collections Ltd which offers field agency and debt collection services; and Coris UK Ltd, which offers international assistance and insurance claims handling services.
Further licences have been granted to Irwin Mitchell Trustees Ltd, which accepts appointments as a trustee, executor and estate administrators; and also to Irwin Mitchell Trust Corporation Ltd, which accepts appointments to act as Deputy from the Court of Protection.
