Compliance & Regulation
Treasury sets out reforms to Money Laundering Regulations
The government has outlined how it will improve the anti-money laundering regime by publishing a slew of planned changes to the underlying regulations.
LSB: Regulatory action needed to tackle law’s diversity problems
The profession has failed to make “significant progress in tackling the structural and cultural barriers to encouraging equality and diversity”, the LSB has declared.
SRA to quiz volume claims firms about compliance
The Solicitors Regulation Authority is to demand assurances from firms conducting volume consumer claims that they are meeting their professional obligations.
TPMAs “could help” law firms, says National Risk Assessment
The emergence of third-party managed accounts “may, in time, reduce” the risk of law firms’ client accounts being used by criminals for money laundering, the government said yesterday.
BSB clears silk over Supreme Court trans ruling criticism
The Bar Standards Board has rejected a complaint against high-profile KC Jolyon Maugham over his criticism of the Supreme Court’s ruling in the For Women Scotland case.
Law firm COO used company credit card for £300k of personal spend
The chief operating officer of a law firm found to have used her company credit card for £300,000 of personal expenses has been disqualified from working in the profession.
Legal regulators advise MPs on changing code of conduct
The chief executives of the Solicitors Regulation Authority and Bar Standards Board yesterday recommended MPs adopt a principles-based approach to regulating outside interests.
Firms, not solicitors, to feel impact of 11% rise in cost of practising
The cost of practising as a solicitor is set to increase by 11%, or £16.6m, in the next year, although the financial impact will be felt by firms rather than individuals.
Disciplinary tribunal fines law firm £58,000 for AML breaches
The Solicitors Disciplinary Tribunal has fined an East London law firm £58,000 for anti-money laundering rule breaches over a six-year period.
Big rise in complaints about SRA’s handling of intervention files
The number of clients complaining to the Solicitors Regulation Authority about its failure to retrieve their documents after it shut down a firm has shot up by over 50%.
Blog
The importance of benchmarking reports – and lessons on profitability
Regional firms reported the largest revenue growth this year (12%), outpacing their City counterparts. Yet many are not converting that growth into profitability.
Fixed recoverable costs: Sacrificing justice for predictability?
The extended fixed recoverable costs regime is failing to achieve its stated objectives. Instead of promoting fairness and efficiency, the rules are creating anomalies that undermine justice.
Expectations keep rising, so prioritise client experience
Law firms are facing growing pressure to place greater focus on client experience or risk falling behind in an increasingly competitive legal market.
