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McCarthy Denning granted ABS status
McCarthy Denning has been granted Alternative Business Structure (ABS) status allowing it to make its non lawyer co-founder and CEO Warren Wooldridge a director and shareholder as the firm embarks upon the next stage of its ambitious growth strategy.
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McCarthy Denning’s conversion to an ABS will give the firm the ability to raise additional investment it seeks to grow to 50 lawyers by the end of 2017 and 100 lawyers by the end of 2018. The firm is looking to attract experienced and commercially savvy lawyers with market leading credentials and a client following of £300,000 to £2 million. McCarthy Denning’s conversion to an ABS also allows non-lawyer co-founder and chief executive officer Mr Wooldridge to become a director and shareholder alongside co-founder, McCarthy Denning chairman and corporate lawyer, Richard Beresford.
Redefining business of law
Established in 2013, McCarthy Denning says that it aims to redefine the business of law through a model that is built around the needs of the client and which empowers lawyers to work how they want, when they want and where they want. It also says that unlike large traditional city law firms that utilise expensive office space and a pyramid structure of fee earners, McCarthy Denning operates a flat structure of partner and senior associate level lawyers who take advantage of bespoke technology solutions to work where and when they wish.
Client focused
The firm says that its high-tech, flexible working approach and intelligent use of resources ‘vastly reduces overheads and increases efficiency’ with benefits ‘passed directly on to clients’ who see much more of the partners they instruct to do the work and who receive ‘better value for money as a result’.
Attract high quality lawyers
Mr Wooldridge commented: ‘The granting of our ABS status is an important development for the firm as we continue to attract high calibre lawyers. These have often become disillusioned with the increasing uncertainty of operating in traditional large and mid-size law firms and who want more control over their working lives. We have built solid foundations over the last three years and we are now looking forward to significantly ramping-up our market profile with our conversion to ABS status.’ The ABS rules were established in the UK in March 2012 to allow a greater variety of providers of legal services to broaden and diversify the legal market for consumers.
