Solicitors
SRA paints grim picture of financial instability among law firms
Desperate solicitors are pillaging their VAT receipts, inner circles of managers are sitting on bad financial results, and firms are borrowing heavily to maintain drawings, according to a bleak risk assessment by the Solicitors Regulation Authority.
Blakemores boss outlines financial blows that led to demise and says “Lawyers2you nearly saved us”
The managing partner of Blakemores – which suddenly closed on Monday – said the firm was almost saved by its consumer-facing Lawyers2you brand but succumbed to a string of financial blows. Guy Blakemore gave a candid interview to Legal Futures.
Hundreds of solicitors and firms in the dock for COLP and COFA failures
More than 600 solicitors and law firms are facing action over their failures in nominating compliance officers, the Solicitors Regulation Authority (SRA) has revealed. It said the level of non-compliance was disappointing.
SRA approach to referral fee ban receives LSB green light
The Legal Services Board yesterday put the seal of approval on the SRA’s plans to regulate the referral fee ban. The news came as the Law Society pressed the LSB to provide reassurance that the way referral fees are regulated will be consistent across the entire legal profession.
SRA hits out at LSB approach to regulation and ABS licensing
The Legal Services Board has overstepped its bounds, distorted the Legal Services Act’s regulatory balance, aligned itself too closely with the government, and intervened in matters beyond its competence, the Solicitors Regulation Authority has charged.
300 law firms still don’t have compliance officers
More than two months since law firms were meant to have their compliance officers in place, around 300 firms still do not have them, the Solicitors Regulation Authority has revealed. This is a mix of firms that have not had their nominations approved and those that have still not nominated at all.
LSB calls for equal pay audits amid worries about gender and race disparities
All legal services providers should undertake and publish equal pay audits, the Legal Services Board (LSB) has suggested – this would ideally be voluntary, “but only if it results in the changes needed”. It came in an LSB review of the evidence on equal pay.
SRA’s red tape bonfire to move onto vexed question of non-material breaches
The Solicitors Regulation Authority is to revisit its policy on requiring firms to report non-material breaches to examine whether it amounts to an “unnecessary burden” on the profession. Its board yesterday approved the first 10 proposals in its red tape initiative.
LSB: much to do to make SRA’s performance satisfactory
The Solicitors Regulation Authority has “substantial work” to do before it can consider its performance satisfactory, including making its rules less prescriptive, the Legal Services Board said today.
LSB chief questions need for training contract and pupillage, and pushes for faster ABS process
A training regime whose only specification is what a newly-qualified lawyer should be able to offer on day one is the kind of deregulation the Legal Education and Training Review should be considering, according to the chief executive of the Legal Services Board.
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.
