Winckworth Sherwood granted alternative business structure licence
Mon 06 Aug 2012
City law firm Winckworth Sherwood has been granted an alternative business structure (ABS) licence. The licence was granted on 2 August.
Winckworth Sherwood had previously operated under a legal disciplinary practice (LDP) structure allowing non-lawyers to become equity partners. The conversion to an ABS will allow non-lawyer partners to retain equity.
Tom Vesey, Winckworth Sherwood partnership secretary, partner and qualified accountant, said: “We were required to obtain ABS status because we were an LDP. While we have no immediate plans to seek wider investment in the capital base of the firm or extend the range of our businesss activities, these are options that now exist and will be given due consideration as our market evolves. ”
At the same time, Winckworth Sherwood is reporting a threefold increase in the number of training contract applications. The firm takes on five trainees each year – four external and one from inside the firm. In 2012, applications for training contracts starting in 2014 increase to 349, from just 129 six years ago and 220 in 2011.
Hugh MacDougald, who heads the private client department and is responsible for trainee recruitment at Winckworth Sherwood said: “Law remains an increasingly attractive career choice for graduates. Winckworth Sherwood has a terrific reputation across a number of areas - particularly with housebuilders, social housing providers, employment, education and ecclesiastical law – and that attracts increasing numbers of good quality candidates.”