Reed Smith has made good on its plans to secure an alternative business structure (ABS) licence from the Solicitors Regulation Authority (SRA), but has ruled out the move will be part of a process to pursue an initial public offering (IPO).
The change in regulatory status also allows the firm to be owned or managed by those without legal qualifications, with Reed Smith eyeing a widened provision of service beyond conventional law. The change in structure will not change the firm’s limited liability partnership status, which includes a single partnership and profit pool in the UK, France, Greece, UAE and China.
