A leading Italian law firm has joined the race to become an alternative business structure as the number of advanced applications approaches 100.

Pirola Pennuto Zei & Associati, which has an annual turnover of €100m (£82m), could become one of the first non-UK law firms to convert to an ABS. The firm has plans to double to 10 the number of its London-based lawyers by the end of 2013, focusing on legal and tax advisory services. ABS status would allow Pirola to offer tax compliance and accounting services under one umbrella.

London partner Colin Jamieson said: ‘The Italian legal market is very different to the UK. While we could provide a full range of business services in the UK, we would have to keep the financials separate. So we have decided to apply to become an ABS to allow us to ensure we can build a fully integrated office here providing a full range of multidisciplinary services.’

The Solicitors Regulation Authority has confirmed it is using specialist consultants to assess ABS applications from foreign entities. Ann Morgan, ABS team manager, said: ‘We have a duty to verify the character and suitability of anyone undertaking reserved legal activities in England and Wales, so if we have to employ experts to protect clients and the profession, then so be it.’

The SRA has confirmed the number of stage 2 ABS applications has now reached 94, with five firms already licensed.

The latest confirmed ABS is top-100 personal injury specialist Russell Jones & Walker, which is being taken over by Australian firm Slater & Gordon.