The Legal Services Act will allow businesses outside the legal sector to offer a full range of legal services under their own brand for the first time through Alternative Business Structures.
In a survey at its conference on ABS and the Legal Services Act, Goldsmith Williams found that more than half of attendees said they are likely to create an ABS when the legislation comes into effect.
Goldsmith Williams said that feedback marks a considerable change in the perception of ABS in the mortgage industry.
In May, a survey carried out by the firm of its broker base found that 76.7% of brokers did not know what an ABS was, with 63% not understanding the full implications of the Legal Services Act.
Eddie Goldsmith, senior partner at Goldsmith Williams, said: “The feedback at the conference was in stark contrast to our survey results just two months ago. It’s clear that the mortgage sector is now getting to grips with ABS and this is set to bring a huge financial boost to the industry.
“Of course, as the hosts of the event we have a comprehensive understanding of all the benefits that implementing an ABS can bring to a business, but we were pleased to see that so many brokers and industry figures are embracing the opportunities it can present.”
He added that the Solicitors Regulation Authority will regulate ABSs heavily, meaning that businesses that are prepared in advance of 6 October will be best placed to meet all the criteria.
