Other lawyers

Lawyers face prosecution threat over financial sanctions compliance

Legal Futures Conference Nov16: Innovation

Lawyers are among those who could face prosecution if they fail to report information that could undermine UK financial sanctions, after a change to the law that came into force this week. “Independent legal professionals”, along with trust or company service providers, accountants and others are now captured by the European Union Financial Sanctions Regulations 2017.

August 10th, 2017

Number and turnover of personal injury CMCs continues to tumble

share price

The turnover of personal injury claims management companies (CMCs) has continued to tumble over the past year, falling 41% in just two years to £182m, according to the Ministry of Justice, which also highlighted how CMCs that offer damages-based agreements are struggling to comply with the law.

August 7th, 2017

LSB fires warning shot over SRA closing board meetings as it applauds regulators’ performance

private sign

The Legal Services Board has given the frontline regulators largely positive reviews of their performance, but warned the Solicitors Regulation Authority that it will be monitoring the impact of its controversial decision to end public and press access to board meetings

July 6th, 2017

Regulators to take price transparency rules slowly as SRA outlines limited pilot

Competition and Markets Authority

Legal regulators have responded cautiously to the Competition and Markets Authority’s recommendations on price transparency, pledging to pilot regulatory requirements and test their effects on the lawyers and firms they regulate. They promised to implement controversial measures to encourage lawyers to publish prices if possible.

June 30th, 2017

Competition hots up with accountants set for rights to conduct litigation and advocacy work

ICAEW - Chartered Accountants

Accountants are set to enjoy the right to handle litigation, advocacy and legal instruments in taxation work after the Legal Services Board approved an application by the Institute of Chartered Accountants in England and Wales. Its recommendation will now go to the Lord Chancellor for approval, despite the opposition of the Lord Chief Justice.

June 26th, 2017

Passed on Thursday, in force today – new AML regulations thrust on profession

Money Laundering Series

Law firm compliance officers and money laundering reporting officers have been scrambling to get to grips with the biggest shake-up in anti-money laundering rules in a decade, with the final regulations – which were only published on Thursday – coming into force today.

June 26th, 2017

Legal regulators eye piloting new price and service transparency requirements

Vanessa Davies

Plans to force lawyers to be more transparent about their fees and complaints records could first be piloted across areas of work that have different regulators. The Solicitors Regulation Authority could also widen its plan for an online register of solicitors’ regulatory data to encompass all regulated lawyers.

March 9th, 2017

Lord Chief Justice “strongly opposes” accountants’ bid to handle litigation and advocacy work

Lord Thomas of Cwmgiedd LCJ

The Lord Chief Justice has outlined his “strong opposition” to a bid to allow accountants to handle tax litigation and advocacy work – and in return come under fire from the body that would regulate them. Lord Thomas described the application by the Institute for Chartered Accountants in England and Wales as “entirely premature”.

February 21st, 2017

CMA responses: Law Society and SRA at odds, but McKenzie Friends are happy

Janet_Paraskeva

The Competition and Market Authority’s report on legal services yesterday provoked a predictably mixed response that pitted the Law Society against the Solicitors Regulation Authority, and found support from the body representing paid McKenzie Friends. Meanwhile, the Council for Licensed Conveyancers called on the Legal Services Board to use its powers to force regulatory independence to happen.

December 16th, 2016

Conveyancing firm apologises for “Christmas premium” letter

Christmas tree

A volume conveyancing firm has apologised after sending out letters to clients asking for an additional £200 fee to “prioritise” their files in the run-up to Christmas. Meanwhile, the Council for Licensed Conveyancers is to launch a ‘secure badge’ to help the firms it regulates combat their websites being cloned.

December 13th, 2016