Compliance & Regulation
Law firms tell SRA: we want to keep client account
A poll of law firms has found almost complete opposition to the Solicitors Regulation Authority’s idea of preventing them from holding client money.
Fine for conveyancer who acted for lenders and himself
A solicitor who acted for lenders in conveyancing transactions without telling them he was also acting for himself and family members has been fined £12,500.
Tribunal fines law firm for persistent transparency rule breaches
The Solicitors Disciplinary Tribunal has fined a law firm over £20,000 for failing to comply with the SRA’s transparency rules and requirements to have a COLP and COFA.
Law firm launches consultancy to help investors enter legal market
City law firm Kingsley Napley has launched a strategic regulatory advice service for private equity firms and other investors eyeing up the UK and international legal market.
SRA worried about firms over-reliant on client account interest
The SRA will ask next week whether it is ever right for solicitors to retain interest received on client account money, saying it is worried that some firms rely on it to stay solvent.
Unapologetic SRA dismisses Axiom Ince report as “opinion”
The leaders of the SRA yesterday refused to apologise to the profession about the Axiom Ince collapse as they dismissed the report criticising its actions as just opinion.
Axiom Ince failures are “history for us”, says SRA chair
What went wrong with the Solicitors Regulation Authority’s supervision of Axiom Ince is “in many respects… history for us”, the regulator’s chair told the profession today.
SRA imposes “interim” conditions on work of SSB Group chief
The Solicitors Regulation Authority has imposed conditions on the practice of SSB Group co-founder Jeremy Brooke while it continues its probe into what went wrong.
Solicitor suspended for allowing unadmitted person to run law firm
A solicitor who allowed an unadmitted “friend” to run a law firm of which he was nominee director and shareholder, has been suspended for two years.
Law firms treating AML training as “tick-box exercise”
Many law firms treat anti-money laundering training as a “tick-box exercise”, the Solicitors Regulation Authority has found.
Blog
Five key issues to consider when adopting an AI-based legal tech
As generative AI starts to play a bigger role in our working lives, there are some key issues that your law firm needs to consider when adopting an AI-based legal tech.
Bulk litigation – not always working in consumers interests
For consumers to get the benefit, bulk litigation needs to be done well, and we are increasingly concerned that there are significant problems in some areas of this market.
ABSs, cost and audits – fixing regulation after Axiom Ince
A feature of law firm collapses and frauds has sometimes been the over-concentration of power in outdated and overburdened systems of control.
Reports
Associates
