Here we are, then, one year into alternative business structures (ABSs). For those who were expecting a revolution, the start to ABSs has been, well, muted. But was revolution ever a reasonable expectation? The statutory timetable envisages a licensing process that could take up to nine months. The SRA has also ensured that the timetable doesn’t start to run with the submission of a stage 1 application, so its nine-month timeline hasn’t been reached yet. The question is: does 36 ABS licences (ignoring the multiple licences issued to Irwin Mitchell) in the first year represent a good outcome, slow take-up by the market, or slow processing by the regulators? Has the whole thing – as many opponents of ABS would like us to believe – been a damp squib, an unnecessary and expensive addition to the regulatory terrain?