Applying for AUTHORISATION
Applying for authorisation from the SRA requires a serious investment of time and money. The application process is complex, requiring large amounts of information on personnel, procedures and business planning to be supplied to the licensing authority. These information requirements can seem intrusive to business partners from outside the legal services community. There are difficult issues of statutory and regulatory interpretation – for example as to who will have a ‘material interest’ in the ABS and require approval under the Legal Services Act. Delays or hitches in the application process can have a serious impact on your business planning. You will need to manage this application process whilst running your firm and keeping external investors/business partners onside.
Top tips for applicants:
- Engage with the licensing authority even before you put in your application
- Don’t underestimate the time and resources involved
- Provide as much relevant supporting information up front to the licensing authority with your application as you can
- Avoid unnecessary structural/key personnel changes during the application process.
How can we help?
We have acquired unrivalled direct experience of applications for authorisation and a close working knowledge of the application process and regulatory framework.
We can provide advice for those organisations who are still considering whether ABS is the right model for them.
For those organisations intending to apply for approval, we can offer a range of services from preliminary advice on key issues (e.g. separate business arrangements, what documentation and information may need to be provided, how your organisation’s structure and procedures may help or hinder an application) to hands on assistance and support with forms and the application process leading all the way up to authorisation.