Solicitors
SRA still trying to work out how many firms don’t have insurance
A “substantial” number of law firms have failed to tell the Solicitors Regulation Authority whether or not they have professional indemnity insurance, the regulator admitted today. The SRA would not reveal how many had not declared their insurance position.
… as LSB chair accuses Law Society and Bar of wanting to stifle competition
The Law Society and Bar Council’s call for the government to return large swathes of regulation to them is self-serving and aims to restrict competition, the chairman of the Legal Services Board has claimed.
SRA to investigate impact of legal aid cuts on crime firms
The Solicitors Regulation Authority is to investigate the likely impact of criminal legal aid fee cuts on the viability of law firms amid warnings that the cost to the profession of collapses could spiral.
SRA hits out at prospect of “anti-competition” Law Society resuming control of regulation
The Law Society’s vision for the future of legal regulation would enable it to restrict the licensing of alternative business structures so as to protect solicitors from competition, the Solicitors Regulation Authority has warned.
Solicitors caught up with Russian mafia, regulator warns
Criminality within the solicitors’ profession has reached the level where the Russian mafia have become involved, it emerged yesterday. The SRA has uncovered “very significant levels of misconduct in firms”.
SRA decides against testing thousands of firms for financial stability
The Solicitors Regulation Authority has decided against testing the financial stability of thousands more law firms despite concerns about how widespread problems are in the profession, it announced yesterday.
Latest SRA move to slash red tape could boost number of training contracts
Much of the red tape around the training of solicitors would be swept away if proposals before the Solicitors Regulation Authority are adopted, including abandoning a ceiling on the number of trainees firms are allowed to take on.
SRA shows muscle with referral fee ban investigations
The Solicitors Regulation Authority has launched “forensic investigations” into 10 law firms that may have breached the personal injury referral fee ban, in a move that will be seen as a warning to the profession. Meanwhile, 141 firms without indemnity insurance are heading for closure.
LSB’s lay chair plan “aims to bring regulators into line”, says Bar Council
The Legal Services Board wants to impose lay chairs on the frontline regulators so that they will “do more of what [it] wants”, the Bar Council has claimed. The Bar Standards Board and Law Society have also come out strongly against the proposal.
Third time unlucky for solicitor as High Court rejects challenge to strike-off
It was third time unlucky for a solicitor whose striking-off had twice been overturned by the High Court, as Mr Justice Mostyn yesterday rejected his challenge to the latest decision to remove him from the roll.
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.
