Compliance & Regulation
Law Society warns SRA to tread carefully over compensation fund cash
The Law Society has warned the Solicitors Regulation Authority not to ask the profession to stump up millions to boost its compensation fund without consulting first.
CILEX regulator rejects “deskilled” advocacy warning over higher rights
The regulator of chartered legal executives has rejected warnings from barristers of a “deskilled” advocacy profession with a “third and lower tier”, if it goes ahead with granting higher rights of audience.
Barristers “need guidance from chambers on sanctions compliance”
Chambers need to have “mechanisms and guidance in place” to ensure their barristers are complying with UK sanctions, the Bar Standards Board has said.
LeO seeks £1.2m budget increase as complaints numbers rise
The Legal Ombudsman has proposed a 7% increase, or £1.2m, in its budget to nearly £18m next year, with delays at the complaints-handling body set to continue for longer than anticipated.
Sex offender given access to child’s data by law firm found in contempt
A convicted sex offender accidentally given access by a leading law firm to a vulnerable child’s confidential information has been found guilty of contempt for not complying with court orders to delete it.
Beringer: Firms must be publicly accountable for new client decisions
Commercial law firms must be prepared to publicly justify acting for controversial clients and not hide behind professional arguments like access to justice, ex-Allen & Overy senior partner Guy Beringer has said.
Solicitors “have more positive view of their services” than consumers do
There are “several discrepancies” between the quality of the service solicitors believe they are providing and what consumers perceive, research for the SRA has found.
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.
Blog
Accountability has to live within governance, not with one person
The assumption has long been that a COLP or COFA is personally exposed to the consequences of anti-money laundering breaches.
The SRA’s client money reforms: good intentions, questionable execution
On the face of it, the SRA’s plans to tighten protections around client money sounds sensible. The detail, as ever, tells a more complicated story.
Recruitment, retention and reward in the legal accounts world
Understanding the legal finance market is important – not just for those actively involved in it day-to-day but also for leaders within law firms.
