Last month the Solicitors Regulation Authority (SRA) finally began processing applications from businesses looking to provide legal services through an alternative business structure (ABS).

The applications will be sifted and by mid-February we can expect the first successful applicants to be named.

At the time of writing 15 organisations have declared their hand. The Co-operative is among them, along with law firms Irwin Mitchell and Keoghs.

Their reasons for entering the fray will be different. The law firms are attracted by their new found ability to attract external investment, whilst the Co-op will be looking to develop a new area of business.

As with law firms, ABSs will be regulated by the SRA. The intention is to give the public confidence to procure their services – though one has to wonder how many members of the public are even aware of the SRA.

The arrival of ABSs has not been without controversy. It is a significant change to the legal landscape and many high street firms are nervous about the competition, as retailers, insurance companies and banks all threaten to join the party.

Even firms who don’t normally dabble in the commoditised market are mulling over their options. DLA Piper’s acquisition of a stake in LawVest is a case in point.