A sole practitioner who claimed to be “unable to distinguish right from wrong” has been fined £10,000 by the Solicitors Disciplinary Tribunal. The tribunal said Claire Flood’s decision to transfer money from client accounts to pay her tax bill lacked “moral soundness, rectitude and a steady adherence to an ethical code”.
The Solicitors Regulation Authority’s plans to relax the rules around accountants’ reports have been formally approved by the Legal Services Board, meaning that around 1,000 more law firms will not have to submit one in future
A thousand more law firms will no longer be required to submit accountants’ reports, the Solicitors Regulation Authority decided at yesterday’s board meeting. The change is set to be introduced on 1 November 2015.
“Overwhelming disagreement” made the Solicitors Regulation Authority abandon a plan to make compliance officers sign declarations that their firms followed the accounts rules, it has emerged. But further changes to accountant’s reports are coming.
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.
An Italian lawyer has warned of a ‘timebomb’ of regulatory risk among foreign lawyers practising in England and Wales, and urged European law firms to ensure they understood what was required to comply with conduct rules.
Let’s assume you already know you have to report material compliance failures to the Solicitors Regulation Authority (SRA) as soon as reasonably practicable. That begs the BIG question: what does a material compliance failure really look like. In the brave new world of outcomes-focused regulation, there’s no definition of material compliance failure and the SRA isn’t forthcoming with any real guidance or examples. Instead, you’re expected to work it out for yourself, taking into account all relevant factors.
The Solicitors Disciplinary Tribunal (SDT) has ruled that three Italian lawyers based in London committed a host of accounting irregularities while acting for clients in overseas property deals.
Our latest round-up of key news includes the SRA and CLC offering relief to solicitors in breach because of RBS/NatWest computer problems, £1m of government money for legal apprenticeships, a destination for dormant client money, the Co-op’s new will-writing partnership, and much more.
At some stage in your career – probably many years ago – someone will have asked you to describe your perfect job or where you saw yourself in 10 years’ time. Maybe you talked earnestly about your burning desire to bring justice to the masses. More likely, you claimed that your ultimate goal was to be partner in the interviewer’s fine establishment. Chances are you didn’t say: “What I want, what I really really want, is to be a compliance officer for legal practice.” – Allison Wooddisse discusses what firms should include in a COLP’s job description.