The SRA authorisation process can be easily completed online these days, and we have recently seen relatively quick approvals for practices with simple structures. The SRA’s guidance states that they will aim to make a decision on recognised (non-ABS) businesses in 12 to 16 weeks if the application papers and fees are correct, but the process to become licensed as an ABS can take longer. You must receive authorisation before commencing your practice, so forward planning is essential. On average, we are currently seeing the SRA turn around straightforward applications in six to eight weeks.
All authorised bodies must have a Compliance Officer for Legal Practice (COLP) and Compliance Officer for Finance and Administration (COFA) approved by the SRA. A separate individual approval application form must be completed for each individual in the firm who will require specific approval (the managers, owners, COLP and COFA). Sole practitioners and smaller practices may find that the process is a little easier for them, as the SRA are able to ‘deem approved’ some people.