Chartered legal executives are to have full rights to practise independently after the Lord Chancellor approved their bid to handle probate and conveyancing work without the supervision of a solicitor.
The prospect of external investment in intellectual property firms is set to soar after the Intellectual Property Regulation Board won the support of the Legal Services Board to become the third alternative business structure licensing authority.
The Intellectual Property Regulation Board (IPReg) will apply this year to become an alternative business structure licensing authority, it has emerged, joining the Solicitors Regulation Authority and Council for Licensed Conveyancers.
Our round-up of other significant news stories includes a law firm using its new PI advertising campaign to highlight its opposition to the Jackson reforms, and the Law Society/SRA moving into swish new Birmingham offices.
The Intellectual Property Regulation Board (IPReg) is set to apply to become an alternative business structure licensing authority, it has emerged. A scoping document published last week lays out the process required to be designated in October 2013.
The Bar Council is once again not compliant with the rules on ensuring the independence of its regulatory arm, the Legal Services Board has decided – while the Law Society’s compliance remains unresolved. But the Bar Council has been given one more year to get its house in order.
The Institute of Legal Executives is the first approved regulator to receive a clean bill of health for its internal governance arrangements for 2011. The Legal Services Board is currently reviewing the regulatory independence certificates submitted by each approved regulator where there is also a linked representative body. There is no news yet on either the Law Society or Bar Council’s certificates.
A single regulator for all legal services is “logical and plausible”, but not inevitable, a report for the Legal Services Board has concluded. Former Ministry of Justice official Nick Smedley argued that the existence of multiple regulators “focused on the differences of individual practitioners” is unlikely to be relevant in a post-alternative business structures market.
The Bar Standards Board has fulfilled its side of the deal struck with the Legal Services Board over its lay/professional composition, with four new members taking office this month. There is now an equal number of lay and professional members ahead of a lay majority being in place after further changes next year. Later this year the Solicitors Regulation Authority will also move to parity before a lay majority is appointed for 2013.