The Solicitors Regulation Authority has urged high street firms to be proactive and take advantage of opportunities presented by alternative business structures.

The regulator’s executive director of supervision, risks and standards, Samantha Barrass, said the SRA hopes to start registering ABSs in December.

Speaking at a meeting of the Conveyancing Association, Barrass said ABSs presented opportunities for high street firms.

She said it will not only be the big firms that enter the ABS market and advised smaller firms to be proactive to secure their future.

She said: ‘There is a huge opportunity for high street firms and local estate agents so I would be surprised if they didn’t attempt to use these reforms to refocus their business and widen their service offerings.’

On the SRA’s amended schedule for registering ABSs, Barrass said: ‘We share the frustration of potential ABS applicants about the delay in implementation, and are working with the Legal Services Board and Ministry of Justice to get early clarity about the parliamentary timetable.’

Chairman of the Conveyancing Association Eddie Goldsmith said: ‘We know that current market conditions have created a "perfect storm" and a valuable opportunity for serious conveyancers to proactively innovate and improve their services.’