Latest news
SRA targets accountant’s reports and sole owners in shake-up
All law firm accountant’s reports will have to be submitted to the SRA in future, and sole owners will not generally be allowed to hold compliance roles too, under proposals published today.
Magic circle pay trainees less than US firms – and work them harder
The biggest City law firms are paying their trainees less than their US competitors but working them harder, according to new research showing how pay continues to spiral.
SRA shuts down four law firms in three days
The Solicitors Regulation Authority has shut down four law firms so far this week – two of them connected to the same man.
Government hints at more controls on RTA damages and costs
The government’s motor insurance taskforce reported yesterday with a hint that it may extend the whiplash tariff to other injuries and also review the small claims limit.
Don’t forget human support in the rush to digital, lawyers told
Both the structure and delivery of legal services – such as a lack of guidance and reactive communication – can cause difficulties for consumers, new research has found.
LSB: “Significant concerns” over viability of Legal Ombudsman
The Legal Services Board has expressed “significant concerns about the viability” of the Legal Ombudsman scheme as it struggles to get its caseload under control.
Law firms need to keep “meaningful offline routes” to services
Digitally excluded consumers need law firms to maintain “meaningful offline routes” to services because “digital transformation is not inherently progressive”, says a report for four legal regulators.
Vos eyes machine-made decisions for property disputes
Many property disputes “could be amenable to machine-made decision-making” in the future, the Master of the Rolls has predicted.
“Pre-budget inertia” costs listed law firm £3m
Listed law firm Gateley has estimated that “pre-budget transactional inertia” shrunk its revenue by around £3m, wiping out growth in its corporate department.
Land Registry data puts spotlight on law firm errors
Most of the HM Land Registry customers will avoidable requisition rates of 20% or more are law firms, new figures have revealed.
Blog
Is it time to change how law firms view compliance?
Although COFAs often hold senior positions and play an essential role in a firm’s financial and regulatory integrity, the perception of the compliance function itself is still evolving.
From templates to culture change: Lessons from the SRA on source of funds
The SRA’s new thematic review into source of funds and wealth reveals both progress and persistent blind spots, with source-of-funds checks too often thought of as a procedural hurdle.
Change in regulator shouldn’t make AML less of a priority
While SRA fines for AML have been climbing, many in the profession aren’t confident they will get any relief from the FCA, a body used to dealing with a highly regulated industry.
