Local authorities must have a “really clear rationale” before setting up ABSs to generate extra income, a leading public services lawyer has warned. Potential problems included conflicts of interest, confidentiality and indemnity insurance.
Comparisons between the 2012 Olympics and the compliance officer for legal practice (COLP) nomination process are more obvious than you might think: both were years in the preparation, shrouded in mystery, beset by operational PR disasters and, ultimately, over in a flash. This month’s blog brings you live coverage of the five-month dash: that’s how long your COLP has to get the firm’s house in order before they become responsible for compliance. Like bog-snorkelling and extreme ironing, the five-month dash is a niche sport, unlikely to grace the Olympics, but pundits are predicting there’ll be a least 11,000 participants by the end of the year.
The third edition of the SRA Handbook in just seven months has gone live after being approved by the Legal Services Board. A fourth edition in less than a year since the Handbook went live on 6 October 2011 should be necessary in June.
Solicitors in Scotland could be banned from acting for both lender and borrower as the profession looks to hit back at firms being thrown off lender panels, it has emerged.
The updated draft of the single Handbook that will govern both traditional law firms and alternative business structures from October 2011 is being unveiled today by the Solicitors Regulation Authority (SRA). This is the last opportunity to comment on it. The latest stage in the SRA’s move to outcomes-focused regulation also includes a call for the Legal Services Board to extend the definition of reserved legal activities to cover all “solicitor activities”.
Our weekly round-up of other useful news and articles highlights worries that criminals are targeting failing law firms, accountants wanting more of the legal services market, concerns over new conflicts rules, a call to change the terms of PII cover, the need for more ethics guidance around LPO and much more.