Exclusive: SRA rejects LSB call for review of separate business rule
The Solicitors Regulation Authority has rejected a demand by the Legal Services Board that it start a review of the separate business rule, saying it can see “very little public interest justification” for doing so.
Latest crop of ABSs eye external investment and non-legal services
A barristers’ chambers that forms part of a law firm group is amongst the latest crop of new alternative business structures approved by the Solicitors Regulation Authority. The SRA has now issued 90 licences, including multiples for firms with different entities.
Referral fee ban will drive insurers to buy law firms, “but it won’t reduce claims costs”
Insurance companies will buy law firms in response to the ban on referral fees, but this will not help to lower the industry’s claims bill, an analyst has predicted. An investor report on Admiral Group, produced by Investec, said the referral fee ban will cost the company £7 of income per vehicle.
The never-ending story: publication of Legal Education and Training Review delayed again
Completion of the much-anticipated Legal Education and Training Review (LETR) has been delayed once again. The academic team compiling the report after 18 months of research and consultation was meant to have delivered it by the end of 2012.
SRA survey: OFR confusion for many firms – and their compliance officers
Nearly half of solicitors’ firms are not clear what regulatory outcomes they are expected to deliver, a survey on outcomes-focused regulation (OFR) has found – despite more than four out five people questioned being those responsible for ensuring compliance.
Lawyers “need to unbundle services” to compete with online providers
Lawyers should offer ‘unbundled’ legal services to the public in order to improve access to the law – and also to compete with online document assembly services like Rocket Lawyer and LegalZoom, the American Bar Association has said.
Legal Services Board presses SRA not to shackle law firms and ABSs delivering non-reserved work
The rule which prevents solicitors and alternative business structures from hiving off non-reserved legal work into unregulated businesses risks making legal services more expensive, distorting competition and preventing innovation, the Legal Services Board has warned.
Law Society warns of “significant risks” if foreign lawyers are passported into partnerships
The Solicitors Regulation Authority’s red-tape challenge could introduce “significant risks” if registered foreign lawyers are automatically allowed to become the owners and managers of smaller firms, the Law Society has warned.
SRA eyes quicker ABS application process as interest in MDPs strengthens
The Solicitors Regulation Authority is reviewing its approach to licensing alternative business structures one year on from the start of the regime, with a much speedier process for low-risk entities one of the likely outcomes, Legal Futures can reveal. It has also reported increasing interest in multi-disciplinary practices.
CILEx and CLC confirm bids to become will-writer regulators
The Chartered Institute of Legal Executives and Council for Licensed Conveyancers have thrown their hats into the ring to regulate will-writers, amid further criticism of the Legal Services Board’s decision not to extend regulation to estate administration.
