Partners working in “silos” pose major danger to law firms’ risk management strategies
Lawyers working alone in ‘silos’ present serious potential risks to law firms, but limiting partners’ autonomy can harm your practice’s bottom line, a conference heard last week.
Land Registry to change rules to ensure ABSs can compete with law firms
The Land Registry is to change land registration legislation to ensure that alternative business structures can compete effectively with traditional law firms. It says the prospect of increased competition is potentially good for consumers.
SRA unveils major indemnity reform plan
Allowing the exclusion of claims by financial institutions and an end to every law firm renewing its professional indemnity insurance (PII) on the same day and are at the heart of Solicitors Regulation Authority (SRA) plans to shake up client financial protection arrangements next year. In a consultation being published today, the SRA also floats the idea of removing all corporate clients from the scope of compulsory PII cover from October 2012.
SRA to launch more law firm supervision pilots as run-up to OFR gains momentum
The Solicitors Regulation Authority will start pilots for desk-based supervision and risk-based visits to law firms next month as the run-up to the launch of outcomes-focused regulation steps up. A new policy statement explains that “high intensity” supervision does not mean a firm is necessarily in trouble.
Law Society to aid compliance officers facing personal exposure under SRA’s new regime
The Law Society is considering a scheme to shore up the position of compliance officers who could find themselves personally exposed under the Solicitors Regulation Authority’s (SRA) proposed handbook. Chief executive Des Hudson also raised concerns over the SRA’s progress towards outcomes-focused regulation.
Law Society to review neglected accreditation schemes
The Law Society is to carry out a complete review and overhaul of every aspect of its accreditation schemes after admitting that “little or no attention” has been paid to them for “some considerable time”.
SRA to review approach to conveyancing, financial stability and international matters
The Solicitors Regulation Authority will next year conduct ‘thematic reviews’ on its approach to conveyancing, the financial viability of law firms, and both English firms’ overseas practice and foreign lawyers working over here, it has emerged.
Ombudsman warned over “chilling effect” on lawyers of publishing complaints records
Lawyers have warned the Legal Ombudsman (LeO) that some clients will end up unrepresented if he adopts a complaints process that involves ‘naming and shaming’. Fear of reputational damage would have a chilling effect on taking on clients perceived to be ‘risky’ and adversely impact on lawyers whose social conscience led them to offer help, they said.
SRA lays out what firms can and cannot do to prepare for ABSs
The Solicitors Regulation Authority has outlined the steps that law firms are able to take under the current rules in preparing to become an alternative business structure. It has updated its July 2009 guidance that just highlighted what solicitors should not do.
Legal Services Board to probe just how independent SRA is from the Law Society
The Legal Services Board (LSB) is set to probe how independent the Solicitors Regulation Authority truly is from the Law Society. In letters to both bodies, LSB chief executive Chris Kenny said its focus would be on ensuring that “independent regulation is being delivered in practice”.
