Regulation
ABS joint ventures to get around referral fee ban will be fine, SRA says
Joint ventures between solicitors and insurance companies as alternative business structures which enables insurers to take in income what they would have received in referral fees will not be caught by the upcoming ban, the Solicitors Regulation Authority confirmed last week.
ABS conversion deadline for LDPs under review
The Solicitors Regulation Authority is under pressure to extend its April 2013 deadline for legal disciplinary partnerships with non-lawyer partners to become alternative business structures, after the Legal Services Board said it was “unlikely” to insist on it before 2014.
"Oops – we’re actually not as inefficient with ABS applications as we made out," says SRA
Inaccurate statistics published by the Solicitors Regulation Authority over the past six months have painted a worse picture of its handling of alternative business structure applications than the reality, it has emerged. However, there are still around 150 applications in the system.
Concern over emergence of referral fees once will-writing and estate work is reserved
The regulation of will-writing and estate administration needs to be drawn widely to ensure that the referral fee culture that has prevailed in personal injury does not emerge in private client work, the Law Society has warned.
New indemnity insurers capture market share as solicitors pay less for their cover this year
Greater competition for business has led to a small fall in the amount of money solicitors paid for their basic professional indemnity cover this year, figures from the Solicitors Regulation Authority show. New entrants captured more than 10% of the market.
Bar Council steps up war of words with Legal Services Board
The Bar Council has issued a sharp rebuke to the Legal Services Board for criticising how it is approaching the legal services reforms, saying that while “our regulators talk about key performance indicators, we talk about the interests of justice”.
Over 3,000 PC applications logged as SRA overcomes early teething problem
The Solicitors Regulation Authority has insisted that its online practising certificate renewal system is working normally, despite a technical hitch occurring one day after the applications process opened last week.
Licensed conveyancers attack regulator’s move into litigation and advocacy
Licensed conveyancers have spoken out against their regulatory body’s bid to expand its regulatory reach to litigation and advocacy services. However, they support it looking to regulate will-writing and estate administration .
Hopper puts the case against “overly aggressive” SRA
The Solicitors Regulation Authority is overly aggressive, unaccountable, and is failing to differentiate between deliberate dishonesty and human errors of judgement, according to leading regulatory solicitor Andrew Hopper QC.
SRA warns of “glitches” as PC renewal gets underway
The 2012 practising certificate renewal exercise has gone live today with an acknowledgement from the Solicitors Regulation Authority (SRA) that there will be “glitches”. Separately the SRA has published its long-awaited consultation on introducing a leniency scheme for law firm whistleblowers.
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.
