A “substantial” number of law firms have failed to tell the Solicitors Regulation Authority whether or not they have professional indemnity insurance, the regulator admitted today. The SRA would not reveal how many had not declared their insurance position.
The Law Society and Bar Council’s call for the government to return large swathes of regulation to them is self-serving and aims to restrict competition, the chairman of the Legal Services Board has claimed.
The Solicitors Regulation Authority is to investigate the likely impact of criminal legal aid fee cuts on the viability of law firms amid warnings that the cost to the profession of collapses could spiral.
The Law Society’s vision for the future of legal regulation would enable it to restrict the licensing of alternative business structures so as to protect solicitors from competition, the Solicitors Regulation Authority has warned.
Criminality within the solicitors’ profession has reached the level where the Russian mafia have become involved, it emerged yesterday. The SRA has uncovered “very significant levels of misconduct in firms”.
The Solicitors Regulation Authority has decided against testing the financial stability of thousands more law firms despite concerns about how widespread problems are in the profession, it announced yesterday.
Much of the red tape around the training of solicitors would be swept away if proposals before the Solicitors Regulation Authority are adopted, including abandoning a ceiling on the number of trainees firms are allowed to take on.
The Solicitors Regulation Authority has launched “forensic investigations” into 10 law firms that may have breached the personal injury referral fee ban, in a move that will be seen as a warning to the profession. Meanwhile, 141 firms without indemnity insurance are heading for closure.
The Legal Services Board wants to impose lay chairs on the frontline regulators so that they will “do more of what [it] wants”, the Bar Council has claimed. The Bar Standards Board and Law Society have also come out strongly against the proposal.
It was third time unlucky for a solicitor whose striking-off had twice been overturned by the High Court, as Mr Justice Mostyn yesterday rejected his challenge to the latest decision to remove him from the roll.