Exclusive: SRA will not start regulating ABSs on 6 October
The Solicitors Regulation Authority will not be able to start regulating alternative business structures on 6 October, Legal Futures can reveal. Further, the question of whether prospective non-lawyer investors in ABSs will have to reveal all convictions, even if they are spent, remains unresolved and could stop the SRA licensing ABSs with external ownership.
LeO says confusion over unregulated providers leaves consumers unprotected
The confused system of regulation for legal services risks leaving consumers without protection when things go wrong, especially with unregulated businesses “masquerading as traditional law firms, branded with more legal wigs and gowns than you can shake a quill pen at”, the Legal Ombudsman has warned.
RSA relaunches into legal indemnity market
RSA, the UK’s second largest insurer, has today relaunched into the legal indemnity market. Working with independent broker Litigation Protection, RSA will underwrite a wide range of legal indemnity insurance products, including providing delegated authority to law firms on 19 products for residential, agricultural and commercial properties with cover of up to £3m.
BME solicitors still face disproportionate amount of regulatory action, SRA admits
Black and minority ethnic solicitors continue to figure in a disproportionate number of regulatory actions, the Solicitors Regulation Authority has admitted. It is occuring across key areas such as interventions, referrals to the Solicitors Disciplinary Tribunal and the imposition of practising certificate conditions.
Opposition fails to extend time to scrutinise legal aid bill as Tories go on the attack
A bid by opposition MPs to increase the amount of time they have to hear evidence and scrutinise the Legal Aid, Sentencing and Punishment of Offenders Bill failed earlier this week. The committee stage also saw a Conservative MP exploit divisions between the Law Society and Bar Council on whether money can be saved from the legal aid budget by reducing payments to barristers.
News in brief: practising costs fall 23%, better service for Shoosmiths clients, and more
Our regular round-up of other news you need to know include the Law Society confirming a 23% fall in the cost of practising for solicitors, Shoosmiths joining the Institute of Customer Service, Bevan Brittan helping the BSB, and Herbert Smith formally opening in Belfast.
Institute of Professional Willwriters throws hat into ring to regulate wills market
The Institute of Professional Willwriters (IPW) will apply to become a regulator of will-writing services should the Legal Services Board decide to make it a reserved activity, it has confirmed. It called on the board and the government “to take prompt action to implement the recommendations” of today’s consumer panel report.
LSB launches formal probe into regulating will-writing, probate and estate work
The Legal Services Board today launched its first statutory investigation into whether to extend the scope of regulation, after its consumer panel recommended making will-writing a reserved activity. It goes further, however, by looking at what measures are required to protect consumers in the probate and estate administration markets as well,
SRA to crack down on indemnity insurers avoiding ARP exposure
The Solicitors Regulation Authority is to crack down on indemnity insurers that restructure law firms’ cover so as to reduce their exposure to the assigned risks pool. The move comes despite the fact that an investigation of the practice is ongoing and has yet to reach a conclusion on whether the previous rules were breached.
Survey: mid-market firms prefer business development to external investment
Mid-market law firms are responding cautiously to the changing legal services market, with just 14% saying they are actively considering external investment and 21% anticipating a merger or major restructuring in the next year, according to new research.
