Irwin Mitchell becomes first 'multi-licence' ABS
Former UK vice-chairman of PwC becomes chairman of parent company
National law firm Irwin Mitchell was authorised as an ABS this morning, the first firm to be granted multiple licences.
A spokesman for the firm said it had been granted five licences, covering a range of businesses within its group structure.
He said the licences had been granted to Irwin Mitchell LLP, Ascent Collections, which offers field agency and debt collection services, and Coris UK Ltd, which offers international assistance and insurance claims handling services.
Further licences have been granted to Irwin Mitchell Trustees Ltd, which accepts appointments as a trustee, executor and estate administrators, and also to Irwin Mitchell Trust Corporation, which accepts appointments to act as Deputy from the Court of Protection.
The SRA has also approved the appointment of Glyn Barker, former UK vice-chairman of PricewaterhouseCoopers as chairman of Irwin Mitchell’s parent company, IMCO Holdings Ltd.
Group chief executive John Pickering (pictured) said the announcement was a “major step forward”, adding that the firm had achieved its first objective in receiving its licences for the group and would now drive forward with its growth plans in the coming months.
“It’s a very significant day for us, an important milestone which positions us well to take advantage of the opportunities which we think will arise from the changing legal landscape,” he said.
“We can now push on with our plans for growing the business. Conversion to ABS status sends a clear signal that we intend to move forward with our strategy.
“We are also pleased to be the first multi-licensed ABS, which reflects the breadth of our offering to clients. Our group structure has been built with that strength of diversity in mind and we believe it puts us in a very strong position in the changing legal sector.”
Irwin Mitchell reported a 6.8 per cent increase in turnover to £183.7m for the financial year 2011/12. It announced last April that it would seek ABS status.
The firm, which employs over 2,200 people in seven offices in England and owns a practice in Spain, became an LDP in May 2010.
Antony Townsend, chief executive of the SRA, said: “The ABS total is gathering pace, as is the variety of models that we are seeing emerge.
"Irwin Mitchell is one of the largest organisations we have authorised so far, and the first multi-licence to be granted. It just shows that the new legislation gives plenty of scope for all types of applications."