The Solicitors Disciplinary Tribunal has dismissed all charges made against a solicitor including alleged breaches of accounts rules and money laundering regulations, and failing to supervise properly a consultant who had been struck off the roll. It is unusual for charges to be thrown out wholesale.
Just three alternative business structure applicants made it through to the decision phase over the past six months, with 167 still going through the application process, new figures from the Solicitors Regulation Authority have shown.
The Solicitors Regulation Authority sent out a strong message yesterday that firms which fail to co-operate with it will face tough action. It also emerged that the SRA is set to share details of the risks it considers law firms face with their COLPs and COFAs.
All law firms judged to present a risk of financial instability are to be contacted by the Solicitors Regulation Authority by the end of this month, Legal Futures can reveal. However, it is urging firms facing financial difficulty to overcome their mistrust and contact them early.
A report on the Solicitors Regulation Authority’s pilot on supervision of low and medium-risk firms has concluded that the regulatory risks posed by participating firms fell during the period of supervision. Feedback from the firms involved was “overwhelmingly positive”.