A barrister has set up a limited company, regulated by the Bar Standards Board, to work as a consultant for a leading City law firm. Jane Walshe said she was the first barrister to be authorised to work in this way.
All but one of the entities authorised by the Bar Standards Board since the beginning of this month consist of a single barrister, with the other made up of two barristers, it has emerged.
Sixteen businesses have so far completed their applications to be regulated by the Bar Standards Board, it has emerged. The barristers’ regulator will issue its first licences next month.
The Bar Standards Board is investigating complaints about 17 barristers at the same chambers, it has emerged. Meanwhile, there have been 55 expressions of interest and seven formal applications to form BSB-regulated entities.
There has been strong interest from new and existing law firms in being overseen by the regulatory arm of the Chartered Institute of Legal Executives (CILEx), it said yesterday, with over 50 enquiries.
The Bar Standards Board has doubled its prediction of how many entities it expects to be overseeing by the end of 2015 after receiving Legal Services Board approval to regulate businesses.
There has been a hitch in the Legal Services Board approving the Bar Standards Board’s bid to regulate entities, meaning that the LSB has had to issue a formal warning notice that it is considering whether to refuse the application.
The Bar Standards Board (BSB) is not expecting the introduction of entity regulation to lead to many barristers joining forces in a single business, it has emerged.
The Bar Standards Board has followed the Solicitors Regulation Authority and proposed that the advocacy and litigation firms it hopes to regulate later this year should have indemnity cover of at least £500,000.