Lawyers expect the opening up of the legal market to lead to more multi-disciplinary professional services companies, offering consultancy, business and legal advice, research has shown.
It is plain that the SRA is keen to be seen as innovative, forward-thinking and ultimately the ‘regulator of choice’ when it comes to MDP ABSs. However, when you look beyond the hype of this development and consider the detail, it becomes clear that the SRA’s methodology in licensing MDPs is fundamentally flawed.
The Legal Services Board has backed a new “flexible” approach by the Solicitors Regulation Authority aimed at making it easier for multi-disciplinary partnerships to become licensed as alternative business structures.
Solicitors Regulation Authority plans to make it easier for multi-disciplinary practices to be licensed as alternative business structures will give the large accountancy firms a competitive advantage, the Law Society has claimed.
The Legal Ombudsman has introduced a policy for dealing with complaints about organisations which provide non-legal as well as legal services, such as some alternative business structures and, shortly, accountants who offer probate advice.
The board of the Solicitors Regulation Authority today approved a series of measures to further its regulatory reform programme, including making it easier for multi-disciplinary practices to become alternative business structures.
The Solicitors Regulation Authority (SRA) is to review whether the requirement for small law firms to have compliance officers is “overkill”, it emerged today.
The Legal Services Board has attacked the Solicitors Regulation Authority for having “over-engineered” its approach to regulating multi-disciplinary alternative business structures and to approving non-lawyer owners.
The Solicitors Regulation Authority has decided to go ahead with cutting the minimum compulsory cover for indemnity insurance from £2m to £500,000, despite strong opposition from the Law Society.
The new chief executive of the Solicitors Regulation Authority, Paul Philip, has used one of his first public platforms since being appointed to outline the new “back to basics” approach he wants the regulator to take.