Overview
A Legal Futures webinar in association with the Solicitors Regulation Authority
The collapse of Axiom Ince, where more than £60m of client money went missing, has rocked the profession. But while it is the largest intervention ever carried out by the SRA, it is by no means the only one: the regulator says it has seen “a large increase in the number and size of interventions”, with more than twice as many last year as in 2022.
This is putting a lot of pressure on solicitors, who are quite literally counting the cost of these failures, both financially and reputationally.
So the question is what needs to change. In February, the SRA issued a discussion paper on its consumer protection review, outlining a broad range of possible reforms it could introduce to minimise the risks of such events in the future, as well as to reset compensation arrangements.
At the core of this issue is the role solicitors have in holding client money. Is it an integral part of being a solicitor or a historical hangover with no place in the era of digital banking? Would life be better without needing to comply with the Accounts Rules or is this a service highly valued by clients that is the hallmark of the profession?
In this free webinar, we will debate these issues to help inform the SRA review. We will hear from law firm experts and from the SRA itself.
In association with
Speakers
Paul Philip, Chief Executive, Solicitors Regulation Authority
Paul joined the Solicitors Regulation Authority as Chief Executive in 2014. Since then, he has delivered an ambitious programme of reform. This includes the introduction of an up-to-date regulatory model that supports a modern, competitive legal sector and a full review of how solicitors qualify and enter the profession. He has also developed the SRA role as an anti-money laundering supervisor as well as making significant operational improvements. Paul has previously held senior roles in the medical, health and legal sectors.
Sarah Charlton, Chief Executive, Eaton-Evans & Morris
Sarah’s career spans over 35 years working within the legal sector for both small and medium sized law firms, fulfilling roles from CEO through to COFA. During her career she has worked with a number of legal regulators, professional bodies, academia and government organisations in the UK and overseas. Sarah is the CEO of a small law firm in South West Wales and the co-owner of BlueSky Legal Finance & Management Solutions.
Marc Jones, Risk & Compliance Director, Travers Smith
Marc has overall responsibility within Travers Smith for general risk management and provides in-house legal support to the business on law firm regulation and insurance. Marc is also responsible for claims and supply chain contract management and acts as in-house counsel on conduct-related matters, as well as conflicts of interest, anti-money laundering and anti-bribery issues. Marc is a dual-qualified lawyer, admitted as an Attorney of the High Court of South Africa and a solicitor in England and Wales.
Janet Taylor FCA, Joint Owner, Taylor Mowbray
Janet has been joint owner of Taylor Mowbray for over 15 years. Prior to that, she spent over 10 years with a top 20 accounting firm heading up their specialist solicitors’ group. Over the last 20 years, she has also become known as a specialist on the SRA Accounts Rules. She presents to a wide range of law firms through in-house and public seminars. Clients have included several major international and national law firms as well as accountants. Janet is the current subject matter expert for the ICAEW’s Solicitors Community Advisory Group and co-author of the current version of the Law Society Solicitors and the Accounts Rules manual.
