Hot topic: Accountants and ABS appetite
According to research, large law firms are troubled by the possibility of accountancy firms setting up ABSs, but have little desire to set up ABSs…
According to research recently published by Winmark, in partnership with Thomson Reuters and Mayer Brown, large law firms are troubled by the possibility of accountancy firms setting up ABSs, but have little desire to set up ABSs themselves.
We discussed the results with Adam Entwistle, Compliance Consultant at Compli, as part of the '60 seconds with...' feature for this week's newsletter:
Adam, were you surprised at the results?
The threat of accountants setting up ABSs is genuine and has been for a while now; firms must factor these new entrants into their business plan. Waning appetite for ABS status is more surprising because I have always thought the model offers a degree of flexibility. Having said that, I am not certain that firms are fully aware of the advantages or what other options ABS status may create.
Another point worth noting is, given the criticism the SRA has received for its handling of the process, some of the larger firms may have been deterred from applying to convert such a massive undertaking. Fortunately, we can help! We have experience of dealing with sizeable ABS applications involving complex structures, overseas offices and private equity. No application is too big so please let us know if you need advice.