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Cardiff-based firm NewLaw has confirmed it is among 44 organisations that have so far applied for alternative business structure status through the Solicitors Regulation Authority.
The personal injury firm, established in 2004, submitted its application last week when the SRA became a licensing authority.
NewLaw, which last year began moving towards a corporate management structure, has 270 staff, 65 of whom are solicitors. It said it now wants to take advantage of changes to the legal profession.
Phil Dicken, strategic partnership director, said he would talk to potential future partners from the insurance industry as part of the new business. ‘The traditional partner model is cumbersome and slow to react,’ he said. ‘It tends not to be attractive for prospective investors, but our model is more nimble and flexible.’
The SRA has continued to receive a steady number of applications from a range of organisations since opening invitations on 3 January, including law firms, retailers and insurers.
Legal expenses insurer DAS has also confirmed its application was registered last week.
The insurer, which acquired online legal services guide Everything Legal last November, has long intended to become one of the first parties to become an ABS.
Medico Legal News Source: Law Society Gazette
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