Chartered legal executives will be able to establish their own law firms in the New Year, following parliamentary approval.
The legislation was approved by the House of Lords on Thursday afternoon, having been cleared by the House of Commons last week. The developments are now subject to final clearance by the Legal Services Board and Chartered Institute of Legal Executives regulator ILEX Professional Standards (IPS) will start to approve applications in 2015.
IPS chair Alan Kershaw said: “For many new and existing firms, this presents a great opportunity. For the first time they have a real choice of regulator.
“It also means that, for the first time, students starting out on the CILEx route can know that their natural end point is, if they want it, to be authorised to provide reserved legal services in one or more branches of the law either as an employed lawyer, or in running their own practice.”