City solicitors have outlined their deep scepticism about plans by the Solicitors Regulation Authority to reform professional indemnity insurance rules, warning that “the solicitor brand should not be placed at risk” without very good reason.
Plans by the Solicitors Regulation Authority to relax the separate business rule could cause “irreparable damage” to the solicitor brand and “drive significant numbers of the profession” into the unregulated sector, the City of London Law Society has warned.
City solicitors have called for clarity from the Solicitors Regulation Authority over the reporting of rule breaches and misconduct, while arguing that compliance officers should be the first port of call for whistleblowers.
The City of London Law Society and Commercial Bar Association have published model terms of business for barristers instructed in commercial cases after more than two years of negotiation. The Bar Council’s new standard terms were deemed unacceptable by some solicitors.
City law firms facing conflict issues overseas should apply the rules that apply in the relevant jurisdiction, the Solicitors Regulation Authority has suggested. Meanwhile, the SRA and the Law Society of Scotland have begun discussions on an intra-UK regulatory regime.