Fasttrac Solicitors receives ABS approval
The Somerset-based firm that specialises in remortgage lending joins around 50 other law firms that have received ABS approval.
ABS status allows law firms to appoint non-lawyers as managers and directors and for there to be external investment in a law firm. 2012 saw a series of high profile firms, such as Co-Op Legal Services and Irwin Mitchell receive ABS approval, and there were some significant multi-million pound deals completed in the legal services market.
ABS had been the subject of some intense debate within Legal circles in terms of its potential impact on the legal services market in the short and long-term.
Jonathan Stokes, director of Fasttrac, said: “I am delighted that Fasttrac has been granted ABS status. The application process was very thorough and receiving ABS status will allow Fasttrac to appoint non-lawyers as managers and directors, who bring expertise and talent to the business.
“I believe that law firms need to be run properly as businesses and adopt best corporate practices.
“Fasttrac operates in the lender market and it is vital that our corporate structure reflects that of our major clients.
“Quite rightly, our lender clients expect the highest standards of corporate governance, risk management and effective checks and balances within our firm.
“To operate to the highest standards it is important that we are able to recruit people with the right skills and mind set, and the opportunity to recruit non-lawyers into senior positions is welcome.
“We will utilise our ABS status to drive further innovation and improvements into our business model.”