The Bar Standards Board has reported that its annual income is expected to plummet by almost a quarter (24%) by the end of this financial year, with the smaller than expected number of firms or ‘entities’ that had sought its oversight contributing significantly to the shortfall.
A Bar Standards Board-regulated entity that challenges unlawful detention is to put on free immigration advice clinics, including one at Yarl’s Wood Immigration Removal Centre. Meanwhile, a north-west BSB entity run by two solicitors hopes to expand its boutique family law practice into overseas private client work.
The Bar Standards Board (BSB), which predicted at one point last year that it would authorise 400 firms in 2015, has authorised only 32 in its first four months as an entity regulator, it has emerged. Meanwhile it may not be regulating alternative business structures until later next year.
Barristers are looking at creating a wide range of legal businesses – with solicitors, paralegals and others – once the Bar Standards Board’s (BSB) application to become an entity regulator is approved, it has emerged.