Extract from Jemma Slingo’s article “Reed Smith converts to ABS in first for US firm”
International firm Reed Smith has converted its UK operation to an alternative business structure (ABS) in what it says is a plan to ‘future-proof’ the practice.
The ABS licence, which applies to the UK LLP, means non-lawyers can now manage and own Reed Smith. The firm is also allowed to provide services beyond traditional legal advice and to receive external investment. The conversion could potentially mark the first step towards flotation.