Compliance & Regulation
Solicitors told to brace for “radical” rise in compensation fund costs
Solicitors were yesterday warned to brace for a “radical” increase in their contributions to the SRA Compensation Fund following the interventions into Axiom Ince, Metamorph and Kingly.
Law firms warned over lack of AML risk assessments
The Solicitors Regulation Authority has warned law firms that they must carry out client/matter risk assessments or risk being subject to a new system of fixed penalties.
Bar Council: “Hard to fathom” LSB’s criticism of cab-rank rule
The Bar Council has hit back at Legal Services Board comments on the cab-rank rule, saying that it is “hard to fathom” why it would be against a rule that supports consumer choice.
LSB: Lawyers’ misconduct justifies further action on NDAs
Examples of lawyers’ misconduct when dealing with non-disclosure agreements are a “cause for concern” and justify further regulatory action, the Legal Services Board said this week.
“Relatively straightforward” for barristers to avoid cab-rank rule
It seems “relatively straightforward” for barristers to avoid the cab-rank rule and its importance to access to justice may be overstated, the Legal Services Board has said.
SRA: “Significant minority” of firms still falling short on AML
Nearly 30% of firms probed by the Solicitors Regulation Authority for their adherence to anti-money laundering rules in the last year were non-compliant, new figures have shown.
SDT rejects employment tribunal finding of solicitor’s discrimination
The Solicitors Disciplinary Tribunal has cleared a leading solicitor of pregnancy discrimination against a paralegal despite an employment tribunal finding him guilty of it.
“No evidence” that barristers need new AML regime
There is “absolutely no evidence” that barristers and other advocates need a new anti-money laundering and counter-terrorism financing regime, their UK representative bodies have argued.
Lawyer jailed for fraud fails in bid to reduce seven-year sentence
A lawyer jailed for seven years for fraud after stealing money from an estate and failing to provide conveyancing services he was paid for has failed in a bid to reduce the sentence.
Solicitor attorneys fined £22k for home insurance failure
Two solicitors who failed in their duties as attorneys under a lasting power of attorney have each been fined £11,250 by the Solicitors Regulation Authority.
Blog
Client account interest is not spare change
The proposed Interest on Lawyers’ Client Accounts scheme is being framed as a sensible, international, “tried and tested” way for the profession to help fund a justice system under strain.
The formula for finance-enabled business development
Client concentration or over-dependence now counts as a top strategic risk for 26% of firms. Cross-selling is an antidote – a way to bolster revenue resilience without relying on client acquisition.
Whistleblowing guidance for in-house lawyers – a call to arms
In-house lawyers are in a unique position to spot wrongdoing. But reporting it is not just potentially dangerous from a personal point of view.
