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SRA and Legal Services Board tussle over ABS application process
The Legal Services Board has been critical of the length of the time the Solicitors Regulation Authority has taken to approve alternative business structures, it has emerged.
1,300 law firms face emergency hunt for new indemnity insurer
The 1,300 law firms who have their professional indemnity insurance with Balva face the prospect of having four weeks to find new cover if the winding-up process the Latvian company started yesterday becomes an “insolvency event”, the Solicitors Regulation Authority has warned.
SRA will consider “fast-tracking” ABS applications aimed at price competitive tendering
The Solicitors Regulation Authority (SRA) will consider fast-tracking alternative business structure (ABS) applicants who want to bid for the government’s proposed criminal legal aid contracts, Legal Futures can reveal.
SDT rulings send out warning to law firms over relationships with debt recovery companies
Law firms must not allow arrangements with debt recovery companies to compromise their independence, the Solicitors Regulation Authority has warned, after two solicitors were fined heavily for allowing litigation to be carried out in their name.
Official secrets
Your COFA should live, sleep, eat and breathe financial management. This isn’t optional; rule 1 of the Accounts Rules demands compliance with the SRA principles and Code of Conduct in relation to effective financial management of the firm. So what is effective financial management? Outcomes-focused regulation usually means you have to guess what the SRA expects; however, in a rare moment of clarity, the SRA has explained exactly what good and bad financial management looks like.
Thirty of top 200 on SRA list of financially unstable firms
Around 30 of the top 200 law firms in England and Wales are under intensive supervision from the Solicitors Regulation Authority (SRA) because of fears about their financial stability, it emerged yesterday.
Chambers becomes first ABS licensed by the SRA without a solicitor
A London chambers has become the first alternative business structure licensed by the Solicitors Regulation Authority that does not have any solicitors. Richmond Chambers LLP is a niche immigration set that focuses on direct access work.
SRA uncovers 205 more firms to probe over lack of compliance officers
The Solicitors Regulation Authority (SRA) is working its way through the hundreds of firms and individuals facing enforcement action over compliance officer failures – but has now found another 205 firms that require investigation.
SRA: plenty of firms breaching the referral fee ban
A significant number of businesses involved in the personal injury market have been acting in breach of the referral fee ban since it came in on 1 April, the chief executive of the Solicitors Regulation Authority warned yesterday.
SRA warns solicitors off ‘get rich quick’ SDLT and referral fee schemes
The Solicitors Regulation Authority has warned law firms under financial pressure against becoming involved in schemes that “manage” the ban on referral fees or promote “improper” ways to avoid stamp duty land tax.
