So how was it for you? The announcement we’ve all been waiting for, the culmination of near-on a decade of debate and argument.

The moment when the Solicitors Regulation Authority finally told us who the first alternative business structures (ABSs) will be. Drum roll please… Co-op, John Welsh & Stammers and Lawbridge Solicitors. I’ll be honest: the initial office reaction was, in this order: ‘No surprise there,’ ‘Who?’ and ‘Seriously, who?’

The Co-op is the eye-catcher that will gain all the attention. It is the Tesco in sheep’s clothing, the so-called ‘game changer’ that will send a shudder through every high-street solicitor with a branch next door. Make no mistake, the Co-op’s move into reserved legal activities is a huge moment in the history of the legal profession in this country. There is not a single existing law firm with half the brand awareness and reputation it can boast and, combined with the trust the British intrinsically feel about the Co-op, it’s an incredibly powerful entrant.

Of course, with such an entrance comes significant danger. Selling groceries is the easy part, maintaining a reputation when you’re dealing with complex and often divisive legal issues is a different matter entirely. There will be people actively fighting against the Co-op brand, people who lose custody of their children as an (indirect) result of the Co-op brand. Being the first and comfortably the biggest new player also means you’re under the most scrutiny.

As for the two other new ABSs, they are inevitably likely to be treated as an afterthought by the national media, but their inclusion is fascinating in its own right.

The SRA is acutely aware that liberalisation of the market is not popular with thousands of solicitors. It is regarded as dangerous both to the profession and to the firms it regulates. The successful applications of two high street, local firms is a chance to counter those fears. This is the SRA urging the profession to come out from behind the sofa, to embrace revolution rather than fight it.

For these two firms, the change is relatively minor, simply altering the name badges of their practice managers. For the SRA, their licences are a plea to the profession that everyone is invited to the brave new world.

All the arguments about delays are over for now. We have woken up this morning to a new era. Now is the time to decide whether to get out of bed and embrace the day, or press the snooze button and go back to sleep.

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