Goldsmith Williams has claimed that today’s introduction of the so-called ‘Tesco Law’ could transform the mortgage industry.

The introduction of Alternative Business Structures (ABS) means that non-law firms can offer legal services under their own brands for the first time as part of the Legal Services Act. The Council for Licensed Conveyancers has become the first licencing authority for ABS.

Those firms that become licenced by the CLC will be able to offer conveyancing and probate services. The Solicitors’ Regulation Authority (SRA) is due to become an ABS licensee in the coming months, and member ABS companies can provide wider legal services, such as personal injury and road traffic accident claims, alongside property services.

Eddie Goldsmith, senior partner at Goldsmith Williams, said: “The introduction of ABS will provide forward-thinking brokers with a real opportunity to diversify their businesses and increase revenue streams.