Compliance & Regulation
Law firms each fined £12,000 for AML failures
The Solicitors Regulation Authority has fined two law firms over £12,000 each for anti-money laundering failures, one having accepted source of funds confirmation from a Ukrainian law firm.
Majority of law firms still failing to follow price transparency rules
Nearly six in 10 law firms are failing to publish the full cost and service information required by the transparency rules, a report for the Solicitors Regulation Authority has found.
Solicitor who practised unauthorised for son’s business is suspended
A solicitor who practised unauthorised and handled reserved probate work for a company owned by her non-solicitor son after her firm closed has been suspended for three months.
Court refers lawyers to regulators over misconduct in $11bn arbitration
A High Court judge has referred a solicitor and a barrister to their regulators for “indefensible” conduct, motivated by money, that contributed to his decision to overturn an $11bn arbitration award.
SRA makes pitch to be sole AML supervisor for UK legal sector
The Solicitors Regulation Authority has called on the government to make it the sole supervisor of anti-money laundering activity by all lawyers.
BSB could publish assessments of chambers and encourage mergers
The Bar Standards Board has floated the idea of publishing assessments of individual chambers as part of a new supervision strategy and encouraging smaller ones to bulk up through merger.
Law Society wants single AML supervisor for legal services
The Law Society has argued for a single supervisor of anti-money laundering activity for the legal sector in England and Wales.
Unbundling “empowers client” and optimises solicitors’ billing
Clients using unbundled legal services feel empowered by having control of their own case, while it is the best way for solicitors to bill every minute of their time, a pioneering family lawyer says.
“Great deal of work” still needed on barrister apprenticeships
There is still a “great deal of work” to be done to ensure that barrister apprenticeships are ready for launch, the Bar Standards Board has warned, even though it is set to move closer today.
Solicitors told to brace for “radical” rise in compensation fund costs
Solicitors were yesterday warned to brace for a “radical” increase in their contributions to the SRA Compensation Fund following the interventions into Axiom Ince, Metamorph and Kingly.
Law firms warned over lack of AML risk assessments
The Solicitors Regulation Authority has warned law firms that they must carry out client/matter risk assessments or risk being subject to a new system of fixed penalties.
Bar Council: “Hard to fathom” LSB’s criticism of cab-rank rule
The Bar Council has hit back at Legal Services Board comments on the cab-rank rule, saying that it is “hard to fathom” why it would be against a rule that supports consumer choice.
LSB: Lawyers’ misconduct justifies further action on NDAs
Examples of lawyers’ misconduct when dealing with non-disclosure agreements are a “cause for concern” and justify further regulatory action, the Legal Services Board said this week.
“Relatively straightforward” for barristers to avoid cab-rank rule
It seems “relatively straightforward” for barristers to avoid the cab-rank rule and its importance to access to justice may be overstated, the Legal Services Board has said.
SRA: “Significant minority” of firms still falling short on AML
Nearly 30% of firms probed by the Solicitors Regulation Authority for their adherence to anti-money laundering rules in the last year were non-compliant, new figures have shown.
Blog
Listening, learning and leading The Solicitor’s Charity with care
As I prepare to hand over the mantle of chair of The Solicitor’s Charity next month, it doesn’t feel like an end. Instead, it feels like a wonderful journey.
Is competition in the legal sector stifling innovation?
As the legal sector’s competitive landscape continues to evolve, Nobel laureates remind us that innovation is not inevitable,and that competition may not always be an incentive to innovate.
What high-performing consumer claims firms get right
Recurring concerns about parts of the volume claims sector show that the gap between well-run firms and those struggling to manage volume effectively is widening.
