Compliance & Regulation
Solicitors fined £30k for letting down property clients
Two solicitors have been fined more than £30,000 between them for not considering conflicts of interest and not acting in clients’ best interests.
LSB approves trebling of compensation fund contributions
The Legal Services Board has approved the big hike in contributions solicitors and firms have to make to the Compensation Fund just in time for the SRA to collect them.
Fewer complaints about barristers’ use of social media
The number of reports to the BSB about barristers’ use of social media has unexpectedly fallen but an increasing proportion relate to “controversial social and political issues”.
New equality duty will not impact cab-rank rule, says BSB chief
The Bar Standards Board’s controversial proposal for new equality rules will not affect the cab-rank rule and will not lead to quotas, its director general said yesterday.
“Firms could close” – Law Society joins opposition to SRA fines plan
The Solicitors Regulation Authority’s needs to rethink the “potentially unlawful, confusing and flawed” proposals to update its fining regime, the Law Society said yesterday.
Solicitor rebuked for failures in compliance roles at ABS
A solicitor who held all the compliance roles at an alternative business structure owned by a non-lawyer has been rebuked for multiple failures under his watch.
Former justice minister urges opposition to planned BSB equality duty
Former justice minister Lord Wolfson KC has joined the voices opposing the Bar Standards Board’s plan to impose a new positive duty on barristers to act in a way that “advances” EDI.
Solicitor’s improper Covid letters aimed to push anti-vaccine campaign
A solicitor who sent overly aggressive and legally inaccurate letters before action as part of a campaign against the Covid vaccine has been fined £15,000.
Solicitor fined third of annual income for breach of undertaking
A solicitor who paid out money he was holding, having given an undertaking not to do so, has been fined a third of his annual income by the Solicitors Regulation Authority.
Birmingham Law Society attacks SRA’s ‘Robin Hood’ fines plan
More solicitors have attacked the Solicitors Regulation Authority’s plans for new fining guidance, rejecting its “Robin Hood” approach of calculating fines based on income.
Blog
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.
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.
