Convey Law Granted ABS Licence
Convey Law has joined a privileged group who have achieved ABS (Alternative Business Structure) certification from the CLC (Council for Licensed Conveyancers).
Retaining an ABS status was an 18-month process in which the CLC (Council for Licensed Conveyancers) reviewed all of Convey Law’s internal processes, procedures, legal costs estimates and documentation, finding them all to be fully compliant.
Achieving ABS status is widely regarded as no mean feat. The CLC will only grant a licence where it is satisfied, amongst other things, that:
- The company complies with all professional indemnity insurance requirements.
- Appropriate Finance and Legal compliance officers have been appointed and approved.
- That at least one of the lawyer managers is qualified to supervise.
- The organisation has all relevant business and conveyancing systems and procedures in place.
- The company and managers are fully compliant with the CLC Regulatory Principals.
Lloyd Davies commented:-
“We are delighted to have achieved ABS status for Convey Law Limited. I would like to thank the Council for Licensed Conveyancers for their time and guidance throughout this process. It was important for us that we used this process to ensure that we were providing the best possible service to our clients as a result of the processes and procedures that we have in place. Complete transparency was also a key success measure and we are pleased to be able to offer one of the most cost-effective and transparent legal services available in today’s conveyancing market, which is fully approved by our regulatory body.
“Thank you to everyone at Convey Law who played a part in this process. Thank you also to our consultants at Legal Eye who played a key role in assisting us with our ABS application.”
The ABS structure allows non-legal personnel to have an ownership-type interest in the company. The potential benefits of this are that equity can be raised from a broader base of potential partners, members or directors and the company has the ability to diversify the range of legal services it provides, through consolidating a specialism in a particular area of the market.July 17, 2013