A virtual law firm backed by Dragons' Den investor James Caan has been granted an alternative business structure licence.

Excello Law, a full-service commercial firm targeting the SME business market, was founded almost five years ago by managing director George Bisnought.

The firm does not have any offices. Lawyers work from home, at clients' offices or satellite offices, keeping overheads to a minimum. Its website lists 37 lawyers that work across a range of commercial services.

In January 2013 it was confirmed that Caan's investment vehicle Hamilton Bradshaw had invested an undisclosed amount in the business, in a mission to become the leading supplier of legal services to the SME sector.

The ABS licence was confirmed on the SRA's register of licensed bodies. Bisnought is named as head of legal practice, and of finance and administration.

The licence will allow it to bring non-lawyers into the management team and attract further external finance. Bisnought said the firm will now promote former PwC partner Jon Harrison to its board.

He added: 'We all know the importance of good financial governance for law firms and Jon's appointment as financial director of Excello Law is an important strategic step for us.'

At the time of Caan's investment in Excello Law, Bisnought outlined the difference it could make to the business.

'Through this alliance we can build upon our commitment to businesses on a national and global scale,' he said.

'The wealth of knowledge and expertise available to us as part of James Caan's portfolio will enable us to develop a legal practice which offers SMEs a legal service that is unrivalled in the market place.'

Hamilton Bradshaw also invested an undisclosed sum in Staffordshire-based Knights Solicitors in June 2012. Caan (pictured) has previously spoken of his surprise at the culture in many law firms where profit was seen as a 'dirty' word.

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