Regulation
Jailing of former Law Society council member damaged profession, SDT says
The jailing of former Law Society council member Michael Webster for a fraud offence last summer caused “significant damage” to the profession, the Solicitors Disciplinary Tribunal has said.
SRA warns firms of confidentiality risk from law firm M&A
The Solicitors Regulation Authority has warned of confidentiality risks from law firm mergers and acquisitions. It also highlighted dangers arising from cloud computing and complex global business structures.
Third law firm fined for involvement in SDLT avoidance scheme
A third law firm has been fined by the Solicitors Regulation Authority for its involvement in a stamp duty avoidance scheme operated by Inventive Tax Strategies.
Rowlands: SRA must focus on “job in hand” and not worry about single regulator
Enid Rowlands, new chair of the Solicitors Regulation Authority, has said the regulator should “focus on the job in hand” and not waste time worrying about whether there should be a single regulator.
FCA agrees to another extension on consumer credit regulation
The regulation of solicitors’ consumer credit work by the Financial Conduct Authority has been postponed again. It has agreed to an SRA request extent the current transitional arrangements until 31 October.
Court of Appeal: BSB official “blind to any sense of fairness” in disciplinary prosecution
The Court of Appeal has criticised in the strongest language the behaviour of an official at the Bar Standards Board responsible for “subverting the rules” on disclosure in a case that led to a barrister being disbarred.
SRA resorts to outsourcing after 49% increase in tribunal referrals
The Solicitors Regulation Authority has been forced to rely on outsourcing and recruit more staff after a 49% surge in referrals to the Solicitors Disciplinary Tribunal. It has also identified a series of emerging risks, including public sector cuts.
Big fall in firms heading for closure after failing to find indemnity insurance
A total of 49 firms are heading for closure after failing to secure indemnity insurance, the Solicitors Regulation Authority has said. This compares with 138 which were forced to shut for the same reason last year.
Lawyers join forces with journalists and social workers to protest against government snooping
The Law Society and Bar Council have joined forces with the British Association of Social Workers and National Union of Journalists to form the ‘Professionals for Information Privacy Coalition’, and express their concern over the controls in place on how the government snoops on professionals.
Law Society wins groundbreaking injunction against struck-off solicitor
The Law Society has obtained a groundbreaking injunction that prevents a struck-off solicitor from holding himself out as a solicitor or being involved in a law firm without its approval.
Blog
Amplifying reach through employee-driven thought leadership
Nine in 10 executives believe thought leadership is critical to building authority, yet only a quarter feel they have implemented a robust strategy.
Divorce escrow: asset sales before final settlement
When significant matrimonial assets are sold before a final financial order is agreed, holding the proceeds safely and neutrally can present real practical challenges.
AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
