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Major changes in the way that legal firms are regulated are just over the horizon – with the potential for massive penalties for those who fail to comply. To keep them on the right side of the law, a roadshow is taking place in London and six regional centres during January and February, the result of a joint effort by SIFA (Solicitors Independent Financial Advice) and law firm membership group and business consultancy 360 Legal Group.

“Unthinking reliance” on the indicative behaviours in the Code of Conduct is not a risk-free approach to compliance, the Solicitors Regulation Authority has warned. Larger firms should also not appoint their senior or managing partners to the role of compliance office for legal practice.

What do you get when you have 60 solicitors in a room discussing outcomes-focused regulation? You get concern, frustration, cynicism, lack of trust and an overwhelming desire for answers and solutions. There was not only a natural desire to understand and comply with the new regulatory regime but also a huge amount of frustration over the lack of guidance from the Solicitors Regulation Authority.

Rachel Khiara, formerly a partner at national firm Addleshaw Goddard, has launched her own niche boutique specialising in advising law firms, alternative business structures and other advisers on the new regulatory regime in the legal sector.

The benefits of outcomes-focused regulation could be thrown away if the Solicitors Regulation Authority (SRA) fails to provide “safe harbour” advice on how law firms plan to comply with the new rules, and transparency on how it will deal with breaches, the Law Society has warned.