The SRA has announced that Russell Jones & Walker have been authorised as an ABS organisation. You may recall that they were taken over earlier this year (pending this step) by Australian firm Slater & Gordon. They themselves were pioneers by being the first law firm in the world to float on a stock exchange.
So RJW manage to be the first foreign owned ABS and the first floated ABS in the one day.
While this has been on the stocks for some time, and is therefore not a surprise, it shows that any assumption that ABS just means “Tesco” is wrong. The implications are much wider, as indeed is illustrated by the NewLaw and other authorisation.