CILEx Regulation grants first ABS licence
CILEx Regulation has announced that it has licensed its first Alternative Business Structure (ABS) in a move that is likely to increase further competition in the legal services industry and offer greater choice to consumers.
TI Law Ltd was licensed by CILEx Regulation in September 2021. The firm will now be able to offer a full range of regulated services to clients to complement its existing wills and bereavement activities within the wider TI Group.
As the Group is an employee-owned trust it was unable to apply for authorisation as a conventional law firm. Becoming an ABS with CILEx Regulation means that regulated work, which was previously delivered in partnership with regulated entities, can now be completed in-house. Thereby offering clients a complete service and better control over service levels.
Ekta Porter, Chief Officer of Legal Planning at TI Law commented;
“Becoming a CILEx Regulated ABS feels like a natural next step for our organisation and has given us the ability to extend our services. This aligns with our strategy to develop a highly professional, well recognised, bespoke estate planning service for more complex estates. It has also fuelled our ambition to extend our regulated services further in the future.
Professor Janine Griffiths-Baker, Chief Executive at CILEx Regulation added;
“This latest development is excellent news for consumers. Enabling non-lawyers to own law firms in this way will increase innovation in legal services, offer greater choice to the public and strengthen competition in the market. At the same time, our extensive experience as a regulator will ensure high levels of consumer protection and appropriate oversight of activities.”
CILEx Regulation is currently working with a number of other applicants who will similarly bring further opportunities for innovation and business growth to the legal sector.