End of the annual accountant’s report is nigh
The Solicitors Regulation Authority has unveiled plans to remove the requirement that firms have their client accounts reviewed by an independent accountant and submit an annual accountant’s report.
SRA bids to slash minimum PII cover to £500,000
The Solicitors Regulation Authority has called for the minimum level of indemnity cover firms must obtain to be cut to £500,000. The existing limits are £2m for traditional partnerships, or £3m for incorporated practices.
SRA aims to ease the path for MDPs
Non-reserved legal activities within multi-disciplinary alternative business structures should be taken out of regulation by the Solicitors Regulation Authority, it proposed yesterday.
Another unrated insurer “heading for liquidation”, says SRA – as it rejects ban
Another unrated indemnity insurer is “likely to be put into liquidation”, the Solicitors Regulation Authority (SRA) has warned. The news comes as the SRA announced that it will not introduce a ban on unrated insurers.
Now Quindell targets US listing as well
Alternative business structure Quindell’s bullish response to recent criticism has extended to the company now exploring the possibility of a dual listing in the US. However, Quindell’s share price has still to recover much of the ground lost in the last fortnight.
CLC “disappointed” with ministers on future of regulation
The Council for Licensed Conveyancers has become the first body to express disappointment with the Ministry of Justice’s announcement last week that it would not be making any major changes to the framework of legal regulation.
Specialist ABS secures £150,000 from regional growth fund
The North East Growth Fund (NEGF) is investing £150,000 in one of the country’s most specialised ABSs to pay for systems upgrades and new staff training provision.
Sole practices responsible for 45% of claims on compensation fund
Sole practices are responsible for 45% of the latest claims made on the solicitors’ compensation fund, despite making up only around a third of firms at the time, research for the Solicitors Regulation Authority has found.
Optima Legal joins Capita empire after ABS award
Outsourcing giant Capita can complete its purchase of Optima Legal and Cost Advocates after the SRA today granted Optima an alternative business structure license.
Consumers won’t pay for barristers, predicts Slater & Gordon chief
Consumer demand for lower costs means the divide between solicitors and barristers will not be sustainable, the managing director of Slater & Gordon has predicted. Andrew Grech also told sceptics of his firm’s publicly listed status that business structures do not protect ethics.
